The S&P 500 clawed back some losses over a correction in bond yields. A drop below 3920 and a bearish MA cross indicates that the market mood still leans towards the cautious side. The short-term price action has found support at the origin of the July breakout near 3880. 4050 is the first resistance and its breach could attract more buying interest. Then the support-turned-resistance (4120) over the 20-day moving average would be within reach. On the downside, a bearish breakout may extend the sell-off to 3800.
