The S&P 500 consolidates as investors await US inflation data later today. After turning south at 4100 near September’s high, the index has struggled to find follow-up bids. A fall through the base of the previous bullish momentum prompted buyers to exit and reassess the mixed mood. The latest rebound to the psychological level of 4000 is an important test and a breakout would open the path to the recent peak at 4100. 3910 is a key level to keep the index afloat as its breach could trigger a liquidation towards 3820.