S&P 500 Index: Ongoing bounce could persist towards 200 DMA at 4,070/4,120 – SocGen
|S&P 500 eventually defended the lows of June near 3,630 which resulted in a phase of a rebound. Economists at Société Générale expect the index to inch toward the 200-day Simple Moving Average at 4,070/4,120.
Defending 3,815 is crucial for continuation in ongoing rebound
“It is worth noting that monthly Relative Strength Index (RSI) has so far defended its lower end of the range since 2010.”
“Ongoing bounce could persist towards 200 DMA of 4,070/4,120 and a weekly gap near 4,218. It is worth noting that the index has consistently struggled to reclaim this Moving Average since April; these could be important resistance levels near term.”
“Defending short-term ascending channel near 3,815 would be crucial for continuation in ongoing rebound. Break can result in a revisit of graphical levels near 3,700/3,630.”
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. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.