S&P 500 Index to grind higher towards the 4780 level – SocGen

S&P 500 up move has developed a brief pause after reaching the upper band of an ascending channel near 4720 (now at 4750). As the index stays above the 4630/15 support, economists at Société Générale expect the S&P 500 to head back higher towards 4780.

Signals of trend reversal are still not visible

“Signals of trend reversal are still not visible. A break below 4630/4615, the 23.6% retracement from October will be essential to denote a deeper pullback.”

“Holding above the 4630/4615 support, the uptrend is likely to persist.”

“Beyond 4720, the index is expected to head higher towards 4750 and next projections of 4780.”

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