S&P 500 Index: Initial pullback not ruled out on failure to surpass last August high of 4320 – SocGen

Economists at Société Générale analyze S&P 500 Index technical outlook.

Beyond 4320, next objectives are 4400/4420 and 4510

S&P 500 Index is heading towards last August high of 4320 which is also close the 61.8% retracement of the whole decline during 2022. In case the move falters around this level, an initial pullback is not ruled out however upper end of previous range at 4200/4180 should be first layer of support. 

Beyond 4320, next objectives are located at 4400/4420 and projections of 4510.