S&P 500 Index: Break above 4454 to reassert the uptrend for a move back to the 4480 high – Credit Suisse

The S&P 500 Index has managed to stabilize above resistance at 4424/26. A break above 4454 can clear the way for a move back to the 4480 high, with trend resistance from April seen at 4493 today, as the Credit Suisse analyst team notes.

Support is seen at 4419 initially

“We still need to see a break above resistance at 4454 to suggest strength can extend to retest the 4480 high. Above here can see trend resistance from April at 4493, just shy of the psychological 4500 level.” 

“We would look for a fresh cap in the 4493/4500 zone. A direct break though can see resistance next at 4525.” 

“Support is seen at 4419 initially, with the low and small price gap from Friday morning at 4407/06 now ideally holding to keep the immediate risk higher. A break though can see a retest of 4383/64.”