FXStreet notes that the S&P 500 looks to be resuming its core uptrend post the looked for consolidation phase around 4200. Analysts at Credit Suisse look for further strength to the 4350 level and then ideally 4436/56.
“Whilst our bias remains higher, poor momentum continues to warn of a weakening trend and we need to see resistance at 4260/62 cleared in our view to add impetus to the rally for a move to our 4350 next objective. We would look for a fresh pause here ahead of a move to the upper end of its ‘typical’ extreme at 4382 (15% above the 200-day average), then 4436/56.”
“A close below support from the 63-day average and recent low at 4157 would suggest a more protracted corrective phase can emerge, potentially for a significant part of Q3.”
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