S&P 500 INDEX COULD DRIFT TOWARDS 4,270/4,240 – SOCGEN
S&P 500 concluded last week at 4,320. Economists at Société Générale analyze the index’s outlook.
4,200 is crucial support
S&P 500 carved out a lower high near 4,540 as compared to the one in July near 4,610 resulting in a deeper pullback. Break below August trough denotes persistence in downward momentum; this is also highlighted by daily MACD which has dipped below equilibrium line.
The index could drift towards projections of 4,270/4,240, also the lower band of an ascending channel.
Confluence of graphical levels and the 200-DMA near 4,200 is an important support. In case the index establishes below this, there would be risk of an extended downtrend.
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