The S&P 500 is testing the resilience of its upward trend after bouncing from a key support level about 5960 points, with the impulse indicators suggesting caution, the FX analysts of Société Générale point out.
All eyes in the maximum of February about 6147 points
“The S&P 500 broke an upward trend line in the short term, however, it has starred in a rebound after marking an interim minimum about 5960 points last week. The index is gradually approaching the maximum reached in February in 6147 points.”
“The daily MACD has become flat, highlighting an upward impulse in setback. It will be interesting to see if the index can be kept above 5960 points. The inability to defend this support can result in a deeper setback towards the DMA of 200 in 5830/5800 points.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
