- S&P 500 Index: Break above 4,650/4,680 to clear the way toward previous highs near 4,818 – SocGen
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31 July 2023
S&P 500 Index: Break above 4,650/4,680 to clear the way toward previous highs near 4,818 – SocGen
Economists at Société Générale analyze S&P 500 technical outlook.
June high of 4,450 could be an important support
S&P 500 has staged a steady uptrend after breakout from a large base earlier this year. It is now inching closer to potential resistance zone of 4,650/4,680 representing a multi-month ascending trend line and high of March 2022.
Interestingly, daily MACD has turned flat and is languishing close to highest levels achieved in December denoting receding upward momentum. This is not a reversal signal however a phase of consolidation is not ruled out.
June high of 4,450 could be an important support near term.
If S&P 500 establishes itself beyond 4,650/4,680, next objective would be at previous highs near 4,818.
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