S&P 500 Technical Analysis
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The S&P 500 fell below the 21 moving average, indicating weakening momentum and a possible reversal. The market is pricing in fewer rate cuts than the Fed's dot plot, causing Treasury yields to skyrocket. The bulls should be cautious as there are good reasons to see a bigger correction to the downside. On the 4-hour chart, the price has fallen below the 5180 zone, and sellers should step in to position for a drop into the 5100 level. On the 1-hour chart, if the price falls into the 5100 level, buyers should step in to position for a rally into new highs. The US PPI report and the latest US Jobless Claims figures are upcoming events to watch.



https://www.forexlive.com/technical-analysis/sp-500-technical-analysis-20240411/