S&P 500 has so far defended the low of last down leg near 5500pts, which is also an ascending trend line connecting troughs of April 2024/August 2024, Societe Generale's FX analysts report.
Index to test the 200-DMA near 5780/5800pts in the near term
"A brief bounce is taking shape, but it will be interesting to see if the index can overcome recent pivot high and the 200-DMA near 5780/5800pts. Inability to cross this can result in persistence of decline. Below 5500pts, next objectives could be located at projections of 5400/5390pts and 5300pts."
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