S&P 500 spotlight turns back on the 4234/38 highs. With momentum turning higher and with volume and breadth measures improving, analysts at Credit Suisse stay biased higher for an eventual closing break higher and a resumption of the core uptrend to 4260, then 4350.
Support at 4193/92 ideally holds for a break above the 4234/38 record highs
“With daily MACD momentum having already turned higher and with volume and breadth measures improving we continue to look for an eventual clear and closing break above the 4238 record high to resolve the consolidation range higher for a resumption of the core uptrend. We would then see resistance next at 4260, with trend resistance from mid-April now at 4325 and with 4350 our next core objective.”
“Near-term support moves to 4217, with gap and 13-day average support at 4206/4192 now ideally holding to keep the immediate risk higher. Below though would raise the prospect of further sideways ranging and a retest of the recent low at 4170/68.”
