S&P 500 Index: Next objectives at 4195 and 4270/4320 – SocGen

S&P 500 eventually defended the multi-month trend line and low of December near 3800/3760 in recent pullback. Economists at Société Générale expect the index to target 4195 and 4270/4320.

200-DMA at 3930 should be a short-term support

“S&P 500 has reestablished above both 50-DMA and 200-DMA and has also confirmed an Inverse Head and Shoulders pointing towards regain of upward momentum.”  

“The index is expected to head higher towards 4195 and target of the pattern near 4270/4320.” “The 200-DMA at 3930 should be a short-term support.”