S&P 500 Index has the 4200 mark in its crosshairs – Credit Suisse

S&P 500 is seeing near-term consolidation at the 4070/75 neighborhood. Although the rally is leaving the market in “typical” extreme territory, analysts at Credit Suisse see scope for the rally to extend further yet and look for a move to 4104/08 next and eventually to the 4200 level.

See: S&P 500 Index climbs above 4,000, further upside ahead – UBS

S&P 500 to stay bullish for 4104/08 next and eventually 4200 

“Although the rally is beginning to leave the market at what we see as its ‘typical’ extreme – 15% above the 200-day average and also above daily, weekly and monthly Bollinger Bands – RSI momentum is only starting to get overbought and we continue to see scope for the rally to extend further yet.”

“Although a pullback should be allowed for our bias remains to look for further strength to Fibonacci projection resistance at 4104/07, then trend resistance from last November, today seen at 4114. We would look for this to cap at first for a pullback, but with a move above expected in due course for 4138 and eventually our 4200 Q2 objective.” 

“Near-term support remains at 4057, with the price gap from Monday morning at 4034/20 ideally holding to keep the immediate risk higher. Below can see a deeper setback to 3993/73, but with fresh buyers expected here.”


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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD retains weekly gains trades above 1.2000

EUR/USD peaked at 1.2079, now stable in the 1.2030 region. The shared currency holds on to recent gains despite renewed demand for its American rival.


GBP/USD retreats from 1.40 despite upbeat UK job figures

GBP/USD is extending its falls after retreating from 1.40 as the dollar edges higher. Earlier, the UK reported a drop in the unemployment rate to 4.9%, better than expected. The Claimant Count Change also beat estimates with 10.1K. 


XAU/USD clings to modest gains around $1,780 despite USD strength

The XAU/USD gained traction in the early American session and climbed to a daily high of $1,780. Although the greenback started to gather strength in the second half of the day, the pair stayed relatively resilient and was last seen rising 0.35% on the day at $1,778.

Gold News

WeWork and Venmo join the Bitcoin craze while prices consolidate

The announcement by WeWork that it will begin accepting payments in select cryptocurrencies, including Bitcoin, Ethereum, USD Coin, Paxos, and several others, is another sign of adoption and follows the decision by Tesla to do the same

Read more

Bank of Canada Preview: Dovish surprise to lift USD/CAD

The Bank of Canada is widely expected to keep its policy rate unchanged at 0.25% on Wednesday. However, the improving economic outlook and recent remarks from officials suggest that the BoC could become the first major central bank to lay out a roadmap out of the ultra-loose policy.

Read more