S&P 500 Index: Ongoing bounce could persist towards 200DMA at 4070/4120 – SocGen

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S&P 500 eventually defended the lows of June near 3630 which resulted in a phase of a rebound. Economists at Société Générale expect the index to inch toward the 200-Day Moving Average at 4070/4120.

“It is worth noting that monthly RSI has so far defended its lower end of the range since 2010.”

“Ongoing bounce could persist towards 200DMA of 4070/4120 and a weekly gap near 4218. It is worth noting that the index has consistently struggled to reclaim this Moving Average since April; these could be important resistance levels near term.”

“Defending short-term ascending channel near 3815 would be crucial for continuation in ongoing rebound. Break can result in a revisit of graphical levels near 3700/3630.”

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