FXStreet notes that although there is scope for further near-term consolidation, the S&P 500 Index still maintains a large bullish “outside week”, which reinforces the uptrend, and economists at Credit Suisse stays bullish for the “measured triangle objective” at 3900. 

“Another consolidation session for the S&P 500 as the uptrend pauses and although this should be allowed to extend further yet, with a large bullish ‘outside week’ in place we stay bullish overall. 

“Resistance above 3827/32 is seen next at 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 protracted consolidation phase. Should strength instead directly extend, we see resistance next at 4000, then 4070/75.” 

“Support is seen at 3792 initially, then 3777."