S&P 500 Index: Resistance at 4475 to cap for a corrective pullback – Credit Suisse

S&P 500 extends its low volatility grind higher. Analysts at Credit Suisse continue to look for trend resistance from April, today seen at 4475 to cap at first for a corrective pullback. 

Support is seen at 4451/49 initially

“S&P 500 has edged higher again as the market extends its relentless low volatility grind higher although still on very low ‘summer’ volume.” 

“Strength is still capped for now by trend resistance from April, today seen at 4475. We continue to look for an attempt to see a corrective pullback from here.” 

“Support is seen at 4451/49 initially, then the ‘outside day’ low and 13-day exponential average at 4436/25, which we look to ideally hold. A close would suggest a deeper pullback can finally be seen for a fall back to 4402/00, then important price and gap support at 4381/64.” 

“A direct and closing break above 4475 can see the immediate risk stay higher for a move to the psychological 4500 level next, with the upper end of its ‘typical’ extreme (15% above the 200-day average) now at 4585.”