S&P 500 has so far defended the low of last down leg near 5500pts, which is also an ascending trend line connecting troughs of April 2024/August 2024, Societe Generale’s FX analysts report. Index to test the 200-DMA near 5780/5800pts in the near term “A brief bounce is taking shape, but it will be interesting to see if the index can overcome recent pivot high and the 200-DMA near 5780/5800pts. Inability to cross this can result in persistence of decline. Below 5500pts, next objectives could be located at projections of 5400/5390pts and 5300pts.” Source: https://www.fxstreet.com/news/sp-500-next-downward-objectives-are-at-5400-5390pts-and-5300pts-societe-generale-202504021052