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.”
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