S&P 500 has so far defended the potential support zone at 3900/3890. Economists at Société Générale expect the index to test 4115/4160 and 4220 next.

Break below 3900/3890 to open up previous bullish gap at 3795

“Once a cross above the 50-DMA at 4020 materializes, a short-term up move is likely towards graphical levels of 4115/4160 and 4220.”  

“Only if the index establishes itself below 3900/3890, there would be a risk of extension in pullback towards previous bullish gap at 3795 and the lows of June at 3636.”