S&P 500: Next meaningful resistance is seen at 3136/37 – Credit Suisse

S&P 500 remains well supported above its 200-day average, currently at 3003, and analysts at Credit Suisse look for the rally to extend further, with the next meaningful resistance seen at 3136/37. Charles Schwab also sees the rally pointing to the mentioned resistance.

Key quotes of Credit Suisse

“Whilst support at 3032/30 holds the immediate risk is seen staying higher with resistance seen initially at 3065/69 and then 3076/83. Ultimately though, the next meaningful resistance is not seen until 3136/37 – the 78.6% retracement of the Q1 collapse and March high – where we would look for the rally to stall.”

“Near-term support moves to 3043. Below 3030 can see a fall back to 3013, with better support expected again at 3007/3003. A move below 2999 though remains needed to ease the immediate upside bias for a deeper setback, with support then seen next at 2984.”