The S&P 500 Index is set to hold above the 13-day exponential average at 4245 to maintain the uptrend with next resistance seen at 4291. The 4350 level remains the objective for the Credit Suisse analyst team.
“The S&P 500 has moved beyond 4286 as expected, with the market reaching Fibonacci projection resistance at 4291. Given the improving short-term momentum and recent tick higher in volume, we look for a break above here to open up our 4350 next core objective. We would then look for a fresh phase of consolidation to emerge here.”
“The market now ideally holds above the 13-day exponential average at 4245 to avoid the prospect of further sideways ranging and a move back to 4217/13 initially.”
“Overall, we maintain a tactical bullish bias whilst above the 63-day average and recent low at 4173/64.”
