S&P 500 posted a modest gain to close at its highest level since September 1. Economists at Société Générale analyze the index outlook.
Last month’s high of 4,390 should be short-term support
Once the index establishes above 4,565/4,610, the uptrend is expected to persist towards 4,675 and 2022 high of 4,818.
S&P 500 Index is inching towards the down gap in August near 4,565/4,610 which is also the trend line connecting highs of 2022 and July 2023. This could act as an interim hurdle. A pause can’t be ruled out; last month’s high of 4,390 should be short-term support.