The S&P 500 Index has cleared with ease the 61.8% retracement of the 2022 fall at 4550. Although volume remains worrying light, analysts at Credit Suisse stay biased higher for a test of the February highs at 4590/95.
Only a close below 4456 would be seen to mark a minor top
“We continue to look for a move to test the February highs at 4590/95, but we would expect a fresh cap here at first and a retracement lower. Should strength directly extend though, we would look for a move to next resistance at 4612, then the 78.6% retracement and price resistance at 4663/68.”
“Near-term support moves to 4538, then 4418/14, with the immediate risk seen staying higher whilst above the 63- and 200-day averages at 4485/78.”
“Only a close below the 4456 recent reaction low though would be seen to mark a minor top.”