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- S&P 500 Index maintains a bullish bias while above 3729/23 with resistance seen at 3765/85 - Credit Suisse
S&P 500 Index maintains a bullish bias while above 3729/23 with resistance seen at 3765/85 - Credit Suisse
FXStreet reports that economists at Credit Suisse suggest that the S&P 500 Index can see the immediate risk stay higher while above the support at 3729/23 with next resistance seen at 3765/85 and eventually at 3900.
“S&P 500 closed 2020 at its highs following its prior successful defence of the 3633 low from earlier in December with strength having extended to the cusp of a cluster of Fibonacci projection resistances in the 3765/85 zone. Whilst we look for this to cap at first for a fresh pullback, the core trend stays seen higher and we look for a break in due course with resistance then seen next at 3800 ahead of 3830/32 and eventually our main and core objective from the ‘measured triangle objective’ at 3900.”
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