The S&P 500 is testing the resilience of its uptrend after rebounding from a key assist degree close to 5960pts, with momentum indicators suggesting warning, Société Générale’s FX analysts be aware.
All eyes on February excessive close to 6147pts
“S&P 500 breached a short-term ascending pattern line nevertheless it has staged a rebound after carving out an interim low close to 5960pts final week. The index is progressively approaching the excessive achieved in February at 6147pts.”
“Each day MACD has turned flattish highlighting receding upward momentum. It will likely be attention-grabbing to see if the index can preserve above 5960pts. Incapability to defend this assist might end in a deeper pullback in the direction of the 200-DMA at 5830/5800pts.”
