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The S&P 500 index may be moving sideways these days, but it seems to be gearing up for a bounce off these inflection points.

Take a look at what’s happening on the 4-hour time frame:

S&P 500: 4-hour

S&P 500 Index (SPX500) 4-hour Chart

S&P 500 Index (SPX500) 4-hour Chart

This equity index has been pacing back and forth inside a range since February, finding support around 4150 and resistance near 4600.

It was once again rejected on its attempt to break past the range resistance, so a dip to the nearby inflection points might follow.

Are buyers looking to hop in again anytime soon?

Technical indicators are suggesting so, as the 100 SMA is above the 200 SMA while Stochastic is on its way up.

In addition, the 100 SMA dynamic inflection point is holding as support for now, possibly sending the index back up to the range resistance.

A larger pullback could reach the support-turned-resistance (turned support?) around the middle of the range and 200 SMA dynamic support level.

If bulls ain’t in the mood to charge just yet, the S&P 500 might slip even lower to the very bottom of the range.

Higher-yielding assets like stocks have been on the back foot lately since the Fed has been giving plenty of hawkish vibes, but a return in risk-taking might benefit these holdings. Better keep close tabs on those headlines, fellas!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.