S&P 500 faced resistance at the earlier highlighted level of 4540 representing a trend line connecting peaks of September 2020, April/May 2021. The Index may suffer a decline to the 4300 level, according to economists at Société Générale.
See:
- Three factors point to a pretty tough environment for equities – BMO
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Three reasons why the rise in equity markets is perfectly normal – Natixis
Failure to hold above 4440/4420 can result in a deeper down move
“The S&P 500 Index has staged a pullback and is now drifting towards 50-DMA at 4440/4420. It is worth noting that this MA has provided support to the dips since March.”
“Failure to hold above 4440/4420 can result in a deeper down move. In such a scenario, S&P 500 could head lower towards the recent trough at 4365 and 4300.”
