S&P 500 Index: Above 3899/97 keeps the immediate risk higher with next resistance at 3975/80 – Credit Suisse

S&P 500 above 3899/97 can see the immediate risk stay higher with resistance seen at 3960 initially ahead of 3975/80 and eventually the 4070/75 neighborhood, per Credit Suisse.

See: S&P 500 Index to climb towards 4100 by end-2021 – Deutsche Bank

Key quotes

“S&P 500 maintains its break above its near-term downtrend from mid-February and although the market has yet to close in a new record high above 3950/51, the immediate risk stays seen higher. We would stress though that we remain of the view the next phase of strength is likely to be a choppier 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.” 

“Near-term support remains at 3915. Below 3899/97 would warn of a deeper pullback to test support next at 3880/75 but with fresh buyers expected here.”