Above 4171/69, the S&P 500 Index can maintain an immediate upward bias, reinforced by the turn higher in daily MACD momentum for a move back to and above the 4238 high, then 4260, the Credit Suisse analyst team reports.
See – S&P 500 Index: Four reasons to sustain positive momentum – DBS Bank
Support at 4170/69 ideally holds to maintain a slight upward bias
“With daily MACD momentum now crossing higher though, we now look for the uptrend to start to regain momentum again and we look for a break above 4218 to clear the way for a move back to the 4238 record high, above which we see resistance seen at 4260 next.”
“Big picture, we continue to look for a move to 4350.”
“Support moves to 4198 initially, then 4183, with the 13-day exponential average and recent price gap at 4176/69 now ideally holding.”
“Below 4169 can instead reinforce thoughts of further range trading for a fall back to 4156/52, potentially the uptrend from late October and price/gap support at 4126/18, but with fresh buyers expected here.”