The S&P 500 rallies over better-than-expected corporate earnings. A break above 4490 has eased the selling pressure on the index.
The former daily support at 4600 is now a key resistance that lies over the 30-day moving average. A close above this congestion area could turn sentiment around, paving the way for a recovery towards 4750.
The RSI’s overbought situation may keep the momentum in check temporarily. A pullback may see buying interest in the demand zone between 4410 and 4490.
