S&P 500: Uptrend to extend once the index establishes beyond 4195/4220 – SocGen SP500 Banks
S&P 500 is probing upper limit of base near 4195/4220. Economists at Société Générale expect the uptrend to extend beyond here.“S&P 500 is in vicinity to the crucial graphical resistance of 4195/4220 representing peaks of February and a previous down gap. It has been evolving within a base since October. It is worth noting that 50-DMA has crossed above the 200-DMA forming a golden crossover; this points towards potential upside. An upside break looks imminent.
“Should a short-term pullback develop, ascending trend line since October at 3930 should provide support.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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