Another day, another record for the S&P 500. Analysts at Credit Suisse look for a move to the beginning of the “typical” extreme at 4614, then to 4750 by year-end.

Initial support moves to 4524/20 

“We stay bullish for a move to the beginning of what we see as its ‘typical’ upside extreme – 10% above the 200-day average, currently at 4614.” 

“Whilst we would expect an initial pause at the 200-DMA of 4614, our bias is for a move above here in due course, with resistance then seen next at 4665/70, ahead of what is now our next core objective of 4750. We don’t though see the market at its upper extreme until 4824 and we see this as a realistic overshoot objective into year-end.” 

“Support moves to 4524/20 initially, with 4448/38 ideally holding further setbacks.”