FXStreet notes that the S&P 500 Index has notched ten record closing highs so far in August. Furthermore, it defended the 50-day moving average near 4365 last week resulting in an extension of the uptrend. Economists at Société Générale expects the S&P 500 to challenge the 4540 level next.

“S&P 500 is heading towards a potential hurdle of 4540 representing a trend line connecting peaks of September 2020, April/May 2021.” 

“Test and rejection of above line near 4540 could result in a pullback. This is not a reversal signal, however, temporary exhaustion can’t be ruled out.” 

“4440 and the recent low of 4365 will be short-term supports.”