S&P 500: Risk of continuation in decline is present – Societe Generale

Source Fxstreet

S&P 500 has rebounded after forming interim support near 5500pts representing the 61.8% retracement from last August, Societe Generale's FX analysts report.

Gap-up level at 5710pts is first support

"It has gapped up yesterday and is inching higher towards the lower limit of previous multi-month range. December low of 5810/5830pts and the 50-DMA near 5910pts are next short-term hurdles. If the index struggles to overcome these resistances, there could be risk of continuation in decline. Gap-up level at 5710pts is first support."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
Aug 19, Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
Japanese Stocks Surge, Yen Weakens Amid PM Ishiba’s Resignation and Fiscal UncertaintyJapanese stocks rose and the yen weakened as Prime Minister Ishiba’s resignation heightened concerns over the country’s fiscal policy and interest rate outlook.
Author  Mitrade
Yesterday 01: 33
Japanese stocks rose and the yen weakened as Prime Minister Ishiba’s resignation heightened concerns over the country’s fiscal policy and interest rate outlook.
placeholder
Oil Prices Rise Following OPEC+ Decision to Slow Output Increases Starting in OctoberOil prices edged higher early Monday, recovering some ground lost last week, after OPEC+ agreed to moderate its pace of output increases starting in October amid concerns over weakening global demand.
Author  Mitrade
Yesterday 01: 48
Oil prices edged higher early Monday, recovering some ground lost last week, after OPEC+ agreed to moderate its pace of output increases starting in October amid concerns over weakening global demand.
placeholder
Dollar steadies before U.S. jobs data; euro pressured by French turmoilThe U.S. dollar edged higher Tuesday, stabilizing after a slide to seven-week lows as traders looked ahead to key labor and inflation data expected to lock in a Federal Reserve rate cut next week.
Author  Mitrade
6 hours ago
The U.S. dollar edged higher Tuesday, stabilizing after a slide to seven-week lows as traders looked ahead to key labor and inflation data expected to lock in a Federal Reserve rate cut next week.
placeholder
European stocks mixed; French political crisis, U.S. inflation in focusEuropean equities traded narrowly on Tuesday as investors weighed political turmoil in France against anticipation of key U.S. inflation data later this week.
Author  Mitrade
6 hours ago
European equities traded narrowly on Tuesday as investors weighed political turmoil in France against anticipation of key U.S. inflation data later this week.
Related Instrument
goTop
quote