The S&P 500 Index has essentially held above the 63-day average at 4532 and after a wobbly couple of sessions, the market has surged back higher. Economists at Credit Suisse look for a resumption of the core bull trend and a move to new 2021 highs.
Near-term support moves to 4632/4588
“We look for a break above 4703 to reinforce this further for strength back to the current high and our Q4 objective at 4744/50. Whilst this should again be respected, we look for a break in due course, with resistance then seen next at 4800 and with trend resistance from April now at 4822.”
“Near-term support moves to 4632/4588 initially, which now ideally holds. Only a weekly close below 4529 though would raise the prospect of a lengthier and more damaging correction and ‘risk off’ phase, with support seen next at 4448/38 and then more importantly at the 200-day average at 4313.”