S&P 500 Index set to reach the 4350 level – Credit Suisse
|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.
S&P 500 remains in a solid uptrend
“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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.