S&P 500 Index: Rise could extend on a break past 5,000/5,030 – SocGen

S&P 500 scales 5,000. Economists at Société Générale analyze the index outlook.

2022 high of 4,840/4,800 could be an important support

S&P 500 has experienced gradual extension in uptrend after cross above 2022 peak (4,800). It is now in vicinity to the upper limit of the channel drawn since 2022 near 5,000/5,030.

The move is a bit stretched but signals of reversal are not yet visible. In case the uptrend stalls near this zone, a brief pullback can’t be ruled out. 2022 high of 4,840/4,800 could be an important support.

Once the index establishes beyond 5,000/5,030, the rise could extend towards next projections located at 5,220 and 5,365.