S&P 500 Index to push higher towards the 4750 level – Credit Suisse

S&P 500 maintains its break above the psychological 4600 barrier. Analysts at Credit Suisse stay directly bullish for the beginning of its ‘typical”’ extreme now at 4632/36, with 4750 as a year-end objective.

Support stays seen at 4589

“S&P 500 extends its steady push to new record highs and we stay directly bullish for a move to the beginning of what we see as its ‘typical’ extreme (10% above the 200-day average) at 4632/36.”

“Whilst we will continue to look for a pause at 4632/36 at first, we look for a break in due course with resistance seen next at Fibonacci projection resistance at 4665/70. A fresh pullback from here will be looked for, but with this too (if indeed seen) seen as temporary ahead of further strength to trend resistance from April, now at 4713 and with 4750 our core Q4 objective.”

“Support stays seen at 4589 initially, then 4568, with an immediate upside bias seen whilst above 4552. A break can see a deeper setback to 4537, potentially 4524/20, but with fresh buyers expected here.”