FXStreet notes that the S&P 500 Index continues its rally to new highs but analysts at Credit Suisse don’t see the stock market at an ‘extreme’ though until 15% above the 200-day average.

“We stay bullish with resistance seen next at 4565 ahead of 4600/15, which we would look to cap at first for some consolidation.” 

“We don’t see the market at an ‘extreme’ though until 15% above the 200-day average, still some distance higher at 4663.”

“Below 4469 is needed to mark a near-term minor top and some consolidation but only a close below the 63-day average and August low at 4362/54 would warn of a more concerted phase of corrective weakness.”