The S&P 500 surges back as investors bet on the Fed’s patience for tapering.
The index has found support above the psychological level of 4300. The close above the immediate resistance at 4405 may prompt sellers to cover, though the plunge below the daily support at 4360 has dented the bullish sentiment.
As a deeply oversold RSI makes its way back up, patient buyers may wait for price action to stabilize first before staking in. 4310 is fresh support. On the upside, selling interests may gather around 4475.
