S&P 500: Uptrend to extend once the index establishes beyond 4220/4240 – SocGen

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

Bulls target next resistance at 4220/4240

“S&P 500 is challenging the resistance of 4220/4240 representing previous bearish gap and low of January 2022. An initial pullback is not ruled out however the 200-DMA near 3970 should provide support.” 

 “Once the index establishes beyond 4220/4240, the uptrend is expected to extend. Next potential objectives could be at last August high of 4320 and 4510.”

See: S&P 500 could rise to 4,400 by year-end in a soft landing scenario – UBS