S&P 500 Struggles To Rebound

The S&P 500 halted its advance as the Fed’s taper is closing in.

The V-shaped recovery has met selling interest at 4482, the origin of a recent sell-off. A diverging RSI suggests a loss of momentum in the rebound.

The long side may regain confidence in case of a bullish breakout and 4540 would be the next target. Failing that, a drop below 4425 would prompt buyers to bail out, leaving the index vulnerable to a sharp fall.

4340 would be the last support before a deeper correction drives the index to July’s lows near 4240.

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