FXStreet reports that economists at Credit Suisse believe the S&P 500 is now in a choppier phase of the bull trend.

“With US Inflation Breakevens breaking key resistance where we continue to see a strong positive correlation with the US equity market, our bias is to continue to look for the uptrend to directly extend. We would stress though that we remain of the view the next phase of strength is likely to be a more choppy trend higher.” 

“Whilst support at 3899/97 holds the immediate risk should stay higher for a move back to 3960, then what we look to be tougher initial resistance at 3975/80, from which we will look for a fresh pullback. Big picture, we continue to look for a move in due course to 4070/75.”