S&P 500 Index: Inability to cross 4200/4260 could mean persistence in downtrend – SocGen

Market news

31 October 2023

S&P 500 Index: Inability to cross 4200/4260 could mean persistence in downtrend – SocGen

The S&P 500 fell 2.5% last week. Economists at Société Générale analyze the index outlook.

Threat of deeper decline if 4200/4260 is not overcome

S&P 500 has recently broken below the lower limit of the channel since October 2022 and has also given up the 200-DMA. It has breached the graphical levels at 4200/4260.

The index is now probing the lower end of the descending channel drawn since August; an initial bounce is likely however the 200-DMA near 4200/4260 must be overcome to affirm a meaningful up move.

Inability to cross 4200/4260 could mean persistence in downtrend. Next potential supports are located at 4050 and projections of 3915.

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EUR/JPY prints a fresh 15-year high near 161.00 on easy BoJ policy and weak Eurozone GDP

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