Further movement of the index will show whether the rise in the US stock market from the June lows is more than just a bearish rally.

   S&P 500 index chart in 1 day intervals. Source: Bloomberg

The S&P 500 has approached key resistance, and further performance in the index will show whether the rise in the US stock market from the June lows is more than just a bear rally. To maintain bullish momentum, the S&P 500 must break decisively above the 4158-4178 area, which represents the February/March lows, said Bloomberg technical analyst William Maloney. In case of a break above, the next important resistance levels, he said, will be the lows of March 7 (p. 4200), February 23 (p. 4222) and April 22 (p. 4268).

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