FXStreet reports that S&P 500 above 4068 can keep the immediate risk higher for a test of test pivotal resistance from the top of its 12-year trend channel from the 2009 low at 4115. With the market already moving into “extreme” territory, economists at Credit Suisse would then be highly cautious of an interim top here. 

“Whilst we maintain an immediate bullish stance and continue to look for the rally to extend further, ideally to our 4200 Q2 objective, we now move to a more cautious footing given the market is now in ‘extreme ‘territory. Above 4130 and we see resistance next at 4138 ahead of Fibonacci projection resistance at 4175/79. Our ‘ideal’ roadmap remains for a push to our 4200 target but we essentially now look for a top in this 4175/4200 zone.”