S&P 500 Index Opens Lower As Traders Apply Caution Ahead of FOMC Minutes

The S&P 500 index has opened lower this week, as are other US indices amidst a cautious approach by investors on sparse fundamental drivers. 

Leading the losers on the S&P 500 index are the risk-sensitive technology stocks, whose index took a 1.02% downturn from the opening bell. 

Traders appear content to wait on the FOMC’s meeting minutes, to get any hints of second-guessing by the Fed on its dovish stance, especially as rising consumer inflation has sprung up talk of the timing of the tapering of the QE program.

Technical Levels to Watch

The daily candle has found support at the 4150.4 support level. If this price level holds, it may provide pivotal momentum for bulls to make another push towards the 4176.6 resistance, with 4200 and 4238 (ATH) lining up as resistance barriers. 

On the flip side, a breakdown of the 4150.4 support level allows bears to pursue a path towards 4120.5, with 4082.7 and 4032.4 lining up as potential targets to the south. 4000.0 and 3950.1 are also additional targets to the downside.

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S&P 500 Index; Daily Chart

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