The S&P 500 struggles as concerns over economic slowdown spread. A bearish MA cross on the daily chart indicates that sentiment has turned sour.
The fall below 4340 has shattered the hope of a quick rebound. The index is testing last July’s low at 4270. A repeatedly oversold RSI has triggered a buying-the-dips mentality.
The early bulls will need to close above 4400 before they could attract momentum buyers’ attention. Otherwise, the bears would be eager to sell into strength.
