The S&P 500 Index has risen to easily break the February highs at 4,590/95. Analysts at Credit Suisse remain directly biased to the upside by the 78.6% retracement of the 2022 drop at 4,663/68.
Support at 4593/76 holding a closing base to keep immediate risk higher
“We remain squarely biased to the upside for a test of the 78.6% retracement of the 2022 dip and price resistance at 4663/68 where we would expect to see a cap early. If the strength were to extend directly, this would open the door for a move to 4707/12 next, then what looks to be stiffer resistance, starting at 4744/49 and extending to record 4819.”
“Price gap support at 4,593/76 holding at close may keep immediate risk higher. However, a closing break lower would warn of a near-term exhaustive spike and drop to 4.518/14″.
Source: Fx Street
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