The S&P 500 goes sideways as investors await clues from the US nonfarm payrolls. On the daily chart, a bearish MA cross continues to weigh on sentiment. The horizontal consolidation indicates indecision and a breakout would release the tension like a spring, causing a potential spike in volatility. 3890 is confluent with the 3-day moving average and its breach could propel the index to 4020 at the origin of the previous liquidation. On the flip side, a drop below the lower band at 3780 would threaten the daily support at 3700.
