The S&P 500 struggles as investors temper their Fed pivot hope amid solid economic data. A break below the previous swing low of 4050 has forced leveraged buyers to exit, turning it into a resistance. Even the psychological level of 4000 has failed to contain the sell-off, which suggests a strong bearish pressure in the short-term. Still, from the daily chart’s perspective, the index has been probing support after closing above last December’s high of 4130. 3950 is the next level to see if buying interests would make their way back.