S&P 500 has carved out a higher trough at 3765 as compared to the one in October at 3490. A break past 4020 could open up additional gains towards the 4128 mark, economists at Société Générale report.

First support aligns at 3875

“Multi month trend line at 4020 is first potential hurdle. Overcoming this can lead to an extended rebound towards 4120 and perhaps even towards the bearish gap last August near 4218.” 

“Upper end of recent consolidation at 3875 is first support.”