S&P 500 may yet test resistance at 4,513/35, but analysts at Credit Suisse continue to look for a cap here.

Direct break above 4,535 to suggest we can see a further acceleration higher

We still see scope for a test of resistance next at 4,513/4,535 – the 78.6% retracement of the 2022 fall and late April 2022 high. We continue though to look for a fresh attempt to set a cap here for a consolidation/corrective phase, especially if a new high is not confirmed by weekly RSI momentum.

Below support at 4,350/28 is needed to ease the immediate upside bias to suggest a correction lower has already begun, with support then seen next at 4,261/41, and more importantly at the rising 63-day average, currently seen at 4,192. Only a close below here though would be seen to suggest a more important peak has been posted, for support next at 4,104.

A direct break above 4,535 though would suggest we can see a further acceleration higher with resistance seen next at the 4,636 March 2022 high, potentially even the 4,819 record high