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- S&P 500 Index to advance nicely towards 4350 over the next months – Credit Suisse
S&P 500 Index to advance nicely towards 4350 over the next months – Credit Suisse
FXStreet reports that economists at Credit Suisse believe the S&P 500 Index choppy current consolidation can continue over the coming weeks, however the underlying bull trend remains strong and the index is eventually expected to move up to 4350.
“We maintain our base case of looking for a corrective/consolidation phase to emerge over the next few weeks, however we still believe the November uptrend at 4071, as well as the 63-day average and gap support at 4034/19 will floor the market to avoid a larger drawdown and keep the market in a consolidative range. A close below 4020/19 though would instead warn of a more protracted and concerted setback. Above 4188 is needed to suggest the correction is already over for strength back to 4238, then 4260. Big picture, we look for a move to 4350.”
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