S&P 500 tests 50-DMA support – Société Générale
Source Fxstreet
The S&P 500 is testing its 50-day moving average and lower channel boundary, with momentum indicators flashing warning signs. A move below the 6630 pivot would confirm a deeper pullback, after the index failed to retest its October high, Société Générale's FX analysts note.
Negative momentum signals risk for S&P 500
"S&P 500 is probing the 50-DMA and the lower limit of the channel within which the up move since August has evolved. Daily MACD has been posting negative divergence highlighting receding upward momentum. However, a break in price structure will be crucial for confirming a short-term pullback."
"A brief pause cannot be ruled out. The index has so far formed a lower high near 6870pts than the one achieved in October at 6920pts. Break below recent pivot low of 6630pts could denote possibility of a deeper down move."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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