The S&P 500 index (SPX) broke a key support level today at 3800. This level now serves as the first major resistance zone, with 3900 and 4000 serving as resistance level 2 and level 3, respectively. The Fed is expected to raise interest rates by 3/4 point this week, which is largely fueling the sell-off. The major indices are trading in bear market territory with the CBOE volatility index (VIX) closing past 34, indicating increased fear and risk in the markets.
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