S&P 500 faces crucial support at 4800pts after breakdown – Société Générale

Source Fxstreet

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."


Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price dives below $50.00 as the Dollar rallies Market expectations that the US and China will de-escalate trade tensions are boosting the US Dollar’s recovery and hurting precious metals.
Author  FXStreet
11 hours ago
Market expectations that the US and China will de-escalate trade tensions are boosting the US Dollar’s recovery and hurting precious metals.
placeholder
Japan's next finance minister could unsettle yen bearsThe dollar briefly fell to around 150.50 yen on a local media report that Katayama will get the job, before recouped losses to climb above 151 yen.
Author  FXStreet
12 hours ago
The dollar briefly fell to around 150.50 yen on a local media report that Katayama will get the job, before recouped losses to climb above 151 yen.
placeholder
Bitcoin Price Forecast: BTC falls below $108,000 amid economic uncertainty, ETF outflowsBitcoin (BTC) price trades below $108,000 at the time on Tuesday, after facing rejection from a previously broken trendline, signaling renewed selling pressure.
Author  FXStreet
12 hours ago
Bitcoin (BTC) price trades below $108,000 at the time on Tuesday, after facing rejection from a previously broken trendline, signaling renewed selling pressure.
placeholder
Forex Today: Markets remain focused on US-China, government shutdown newsEarly Tuesday, the USD Index clings to small gains above 98.50 and US stock index futures lose about 0.1% on the day.
Author  FXStreet
14 hours ago
Early Tuesday, the USD Index clings to small gains above 98.50 and US stock index futures lose about 0.1% on the day.
placeholder
BitMine and Strategy Capitalize on Market Weakness to Expand Crypto PortfoliosAfter the October crash shook global markets, crypto assets continued their volatile run, with Bitcoin (BTC) and Ethereum (ETH) still below their pre-crash levels.
Author  Beincrypto
14 hours ago
After the October crash shook global markets, crypto assets continued their volatile run, with Bitcoin (BTC) and Ethereum (ETH) still below their pre-crash levels.
Related Instrument
goTop
quote