The S&P 500 consolidates recent gains as rebounding corporate profits raise investors’ risk appetite. Buyers are striving to hold above 4180 after they cleared the former supply zone.
A rally above 4219 would open the path to a new high above 4300. However, a slide below could dent the short-term fever and trigger profit-taking.
4140, the lower band of the previous consolidation range would be a major support to monitor.
Its breach could lead to a deeper correction towards the rising trendline (4050) on the daily chart.
