S&P 500 rebounds from the 5960 support – Société Générale
Source Fxstreet
The S&P 500 is testing the resilience of its uptrend after rebounding from a key support level near 5960pts, with momentum indicators suggesting caution, Société Générale's FX analysts note.
All eyes on February high near 6147pts
"S&P 500 breached a short-term ascending trend line however it has staged a rebound after carving out an interim low near 5960pts last week. The index is gradually approaching the high achieved in February at 6147pts."
"Daily MACD has turned flattish highlighting receding upward momentum. It will be interesting to see if the index can maintain above 5960pts. Inability to defend this support may result in a deeper pullback towards the 200-DMA at 5830/5800pts."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Silver (XAG/USD) has reversed losses after bouncing at $40.50 earlier on Monday, with price action returning to levels right above $41.00.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.15% lower around 97.60 during the European trading session on Monday.
Despite many positive predictions for XRP’s price in 2025, several on-chain data points reveal a different picture.
Ethereum (ETH) trades around $4,300 on Monday following mixed sentiment from corporate treasuries and investors in ETH exchange-traded funds (ETFs).
On Thursday, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI.
Related Instrument
