The stock market, as measured by the S&P 500 Index SPX, rallied off the support level at 4330 in mid-August, and things looked quite rosy for a while. But that rally may have just been an oversold reaction, and not the start of a new leg of the bull market, as the bulls had hoped.
Resistance developed just above 4500, and SPX has been declining since -– quite sharply on some days. So it is important to see whether SPX can break through that resistance at 4500 (and then break out over the further resistance at 4600) or whether…
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