The S&P 500 weakens as investors fear spillover from the conflict in Ukraine. A break below the daily support at 4280 further put the bulls on the defensive.
Last May’s lows, near 4040, are the next target as liquidation continues. The index may have entered the bear market as the sell-off could speed up in the coming weeks.
On the daily chart, the RSI’s double-dip in the oversold area may offer temporary relief. 4350 is the first hurdle ahead and the bears may look to fade any rebound amid soured sentiment.
