Upcoming US rate hike still weighs on equity markets. A tentative break below last October’s low (4300) has put the S&P 500 on the defense.

A bearish MA cross on the daily chart shows that sentiment could be deteriorating as price action struggles to stabilize. An oversold RSI led to a limited rebound as intraday sellers took profit.

Nonetheless, buyers should be wary of catching a falling knife, leaving the index vulnerable to another sell-off if it drops below 4230. 4490 is the first resistance to clear to initiate a recovery.