S&P 500 has experienced a steep decline after breaking down from its multi-month range, Société Générale’s FX analysts note.
S&P 500 hits key support level as decline continues
“It has reached the graphical level of 4800pts representing highs of 2021/2022/2023. This is a potential support. Daily MACD is at the lowest point after 2020 highlighting a stretched decline. A brief bounce can’t be ruled out; recent gap level at 5390pts is likely to be a short-term hurdle.”
“In the event that S&P fails to defend 4800pts, the down move could extend towards last year lows of 4680pts and 4600pts.”