The S&P 500 is giving up some of its recent gains ahead of CPI and Fed minutes. Currently trading at around 4,080.

The S&P 500 index is trading at around 4080. Looking at the 4-hourly interval, we can see that the index has dipped below the 50-day moving average (4084). A close below the moving average may see the S&P slide further towards the support sitting along the trendline at 4045. This also correlates with the 100-day moving average, which currently sits at 4024. With the 100-day MA located just below the trendline, investors should note that a break below the trendline does not always mean a reversal trend is in play. Only a break and close below the 100-day MA may confirm more downside, Then again, this is not always guaranteed as false breaks can be common. If the S&P can consolidate around the support levels, then resistance above is sitting at 4107 then at 4118. Only a move above 4118 would suggest that further upside is potentially upcoming. Looking at the technical indicators, MACD is currently negative and so is RSI as it reads 43.