S&P 500 faces crucial support at 4800pts after breakdown – Société Générale
Société Générale analysts observe that the S&P 500 has declined significantly following a breach of its established multi-month trading range. The index is currently testing the 4800-point level, a graphical support area corresponding to previous highs from 2021, 2022, and 2023. The daily MACD indicates an oversold condition, suggesting the possibility of a short-term rebound, with the recent gap at 5390 points acting as potential resistance. Failure to maintain support at 4800 points could lead to further declines, potentially reaching the 2023 lows of 4680 and 4600 points.
