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.
Recommended Articles
The Bitcoin 2025 Conference organizers, BTC Inc., unveiled the list of featured speakers at this year's event in Las Vegas, and U.S. VP JD Vance is at the top among them.
Ethereum price found support at $2,460 and started a fresh increase. ETH is now struggling and might drop again below the $2,500 support.
Japan lost its 34-year reign as the world’s largest creditor nation to Germany at the end of 2024.
Gold (XAU/USD) price extends correction, sliding below the $3,300 mark at the time of writing on Tuesday amid improving risk-on mood and a stronger US Dollar (USD).
The Euro is trading higher for the second consecutive day, still fuelled by the delay of Trump’s deadline to avoid 50% tariffs in the US, while the Yen declines alongside super long-term Japanese yields.
Related Instrument
