S&P 500 pullback deepens after channel break – Société Générale
By FXStreet Insights Team
Date Published: 21 Nov 2025 | Date Modified: 21 Nov 2025
The S&P 500 has broken below its multi-month ascending channel and surrendered the 50-DMA, with lower highs and lows confirming a pullback phase, Société Générale's FX analysts note.
The S&P 500 has broken below its multi-month ascending channel and surrendered the 50-DMA, with lower highs and lows confirming a pullback phase, Société Générale's FX analysts note.
Index sruggles at resistance, downtrend risks build
"S&P 500 recently breached a multi-month ascending channel and gave up the 50-DMA. Formation of lower peaks and troughs in daily timeframe chart denotes a phase of pullback is under way. Recent bounce attempt has faltered around the channel band (6770pts)."
"Inability to overcome this hurdle may denote a risk of persistence in decline. Next projections are located at 6425pts and 6340pts. If the downtrend extends, August low and 200-DMA around 6210/6160pts could be an important support zone."
