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- S&P 500 Index: Core uptrend back to the 3588 high and eventually beyond - Credit Suisse
S&P 500 Index: Core uptrend back to the 3588 high and eventually beyond - Credit Suisse
FXStreet reports that S&P 500 has surged higher again after completing its “head & shoulders” base above the mid-September highs at 3429/44 and analysts at Credit Suisse look for a resumption of the core uptrend back to the 3588 high and then for new record highs.
“Another strong move higher after the completion of its ‘head & shoulders’ base above key resistance from the mid-September highs and 61.8% retracement of the fall from September at 3429/44, with the market gapping higher yet again. Given the strength of the past four days, a knee-jerk pullback should be allowed for, but dips will stay seen as corrective and we maintain our bullish outlook and look for strength back to not only the 3588 record high but beyond in due course.”
“We see resistance above the high of yesterday at 3565 next and eventually the 3588 high, also essentially the upper end of its ‘typical’ extreme (15% above the 200-day average). Whilst this should clearly be respected we look for a break in due course with the ‘measured base objective’ at 3653.”
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