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S&P 500 Hits Resistance

The S&P 500 softened as the US GDP beat expectations in Q3. A close above October’s high at 3800 prompted sellers to cover, easing the pressure on the index. The support-turned-resistance at 3900 is a major hurdle and its breach could trigger a bounce back to 4100. However, the RSI’s repeatedly overbought condition caused a pullback as buyers started to take some chips off the table. 3730 is a key area to expect follow-up interests. Otherwise, the index could be vulnerable to a correction towards 3640.

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