S&P 500 IndexShort
S&P 500 Index: Break below 4000/3930 to affirm an extended down
S&P 500 Index: Break below 4000/3930 to affirm an extended down move – SocGen
The S&P 500 finished lower as the index posted a -0.88% loss. It was the first back-to-back -1.0% days for the S&P 500 since mid-December. The index could suffer a deeper fall on failure to hold above 4000/3930, economists at Société Générale report.
A pullback is underway
“S&P 500 broke out above a multi-month trend line resulting in extension of its rebound. It recently approached intermittent resistance of 4218 representing previous bearish gap.”
“Currently, a pullback is underway. However, the trend line and the 200-DMA near 4000/3930 should be a short-term support zone. A break below this would be essential to affirm an extended down move.”
The S&P 500 finished lower as the index posted a -0.88% loss. It was the first back-to-back -1.0% days for the S&P 500 since mid-December. The index could suffer a deeper fall on failure to hold above 4000/3930, economists at Société Générale report.
A pullback is underway
“S&P 500 broke out above a multi-month trend line resulting in extension of its rebound. It recently approached intermittent resistance of 4218 representing previous bearish gap.”
“Currently, a pullback is underway. However, the trend line and the 200-DMA near 4000/3930 should be a short-term support zone. A break below this would be essential to affirm an extended down move.”
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.