S&P 500 Index $3,900 Key Resistance Level & Is 75 BPS Rate Hike Effective?

The S&P 500 Index or SPX has closed at a key $3,900 resistance level. "The $3,900 strike price for call options were the highest volume traded contracts. Investors are seeing a stock market rebound from last week's lows, but we are not out of the woods as yields are moving to the upside. The Federal Reserve might do 100 BPS interest rate hike to cause the stock market to go lower as 75 BPS is already baked in," says Kevin Green. "There are bullish candlestick patterns around support levels. The labor market is an additional problem for the stock market today. Inflation and prices might move slowly as a result," says Scott Durfey.