The S&P 500 index appears to continue its uptrend without a pause at 3900/30, reinforcing the strength of the underlying trend and opening a move to 4070/75 below, according to analysts at Credit Suisse.
“The S&P 500 has easily passed our 3900/30 ‘triangle’ target and the Fibonacci resistance group without a pause and while we have concerns regarding momentum, now we look for a direct resumption of the uptrend towards our next target 4070/75, from which we would look for a new attempt to begin a consolidation phase ”.
“In the big picture, we don’t see any reason to look for a change to 4200 later in the year.”
“The Support is initially seen at 3890/82, below which a small supported top can be seen and then seen below at 3795, with 3735 ideally sharp. Only below 3694 would there be a warning of a top and a more serious recession “.
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