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S&P 500 Tests Critical Support

The S&P 500 plunged after another super-sized US rate hike. The break below 3900 has invalidated the recent bounce and put the buy side on the defensive. As sentiment deteriorates, strong selling pressure may continue to prevail. A fall below 3820 at the origin of a bullish breakout last July shows little buying interest left, and the index could continue to sink to the daily support at 3725 which is a critical floor to prevent a bearish reversal. The support-turned-resistance at 3920 is the first hurdle in case of a rebound.

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