S&P 500 reinforces the accelerated uptrend with target at 3900 - Credit Suisse

FXStreet notes that the S&P 500 Index has completed a large bullish “outside week” and although the Credit Suisse analyst team sees scope for a near-term pause, the core outlook stays bullish for the “measured triangle objective” at 3900.

“Whilst we see scope for a near-term pause and we watch bond yields closely, especially Real Yields, we stay bullish overall with resistance seen next at 3832 ahead of 3866/68 and eventually the “measured triangle objective” at 3900. With a cluster of further Fibonacci projection resistances also seen here and stretching up to 3925/30, we maintain our call to look for a cap here for a fresh and likely we think more protracted consolidation phase. Should strength instead directly extend, we see resistance next at 4000, then 4070/75.” 

“Support moves to 3801 initially, with 3784/83 now ideally holding to keep the immediate risk higher.”