The S&P 500 Index broke above the moving averages on Sept. 14, but the bulls could not keep up the momentum and clear the overhead hurdle at the downtrend line.
The bears sold aggressively at the downtrend line and pulled the price back below the moving averages on Sept. 15. Sellers will try to further strengthen their position by pulling the price below the next support.
If bulls want to gain the upper hand, they will have to quickly drive the price above the downtrend line. There is a minor resistance at 4,542, but if this level is crossed, the index could sprint toward 4,607.
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