S&P 500: Next potential supports are at 5520 and 5400/5370 – Société Générale

S&P 500 recently broke below the lower limit of its range since December confirming a short-term downtrend. It has also crossed below the 200-DMA first time since November 2023, Société Générale's FX analysts note. 

Risk of a larger decline is present

"If the index fails to overcome the lower band of previous range at 5770pts, there could be risk of a larger decline. Next potential supports are located at 5520pts, the 23.6% retracement of the whole uptrend since 2022 and September low of 5400/5370pts."