The S&P 500 soared as the Fed dropped the dreadful option of a full percentage rate hike for now. From the daily chart’s perspective, the market mood is cautious at best. However, there might still be room for short-term rebounds. The index has consolidated its gains over 3910. A close above the psychological tag of 4000 could fuel momentum buying and send the price to the start of the June sell-off at 4100. As the RSI shot into overbought territory, the base of the breakout at 3980 is the first support in case of a retracement.
