S&P 500 Index set to race higher above the 5000 level – Credit Suisse

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Economists at Credit Suisse look for the S&P 500 Index to move to 4970/5000, potentially as far as 5200. 

Strength to not extend above 5200

“We look for an eventual move above 4744/50, which would also in our view complete a near-term bullish ‘triangle’ continuation pattern. We would expect this to then act as the catalyst for a fresh leg higher to trend resistance from April initially, currently seen at 4858 and eventually 4970/5000, a rise of around 6% from current levels.” 

“We would not rule an overshoot towards 5200 (10% higher) but our bias at present is similarly not for a move beyond here.”