- S&P 500: Uptrend to extend once the index establishes beyond 4220/4240 – SocGen
Market news
22 May 2023
S&P 500: Uptrend to extend once the index establishes beyond 4220/4240 – SocGen
Economists at Société Générale analyze S&P 500 technical outlook.
Bulls target next resistance at 4220/4240
“S&P 500 is challenging the resistance of 4220/4240 representing previous bearish gap and low of January 2022. An initial pullback is not ruled out however the 200-DMA near 3970 should provide support.”
“Once the index establishes beyond 4220/4240, the uptrend is expected to extend. Next potential objectives could be at last August high of 4320 and 4510.”
See: S&P 500 could rise to 4,400 by year-end in a soft landing scenario – UBS
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