the S&P500 continues under pressure today as investors brace for SVB impact and CPI figures.

The S&P Continues to be under pressure today despite a jump higher in premarket initially. Uk FTSE100 is under pressure as banking stocks weigh on HSBCs purchase of SVB, therefore causing negative European sessions, which is then dragging US pre-market stocks down as well. Looking at the S&P it's evident that the upside momentum has now shifted to the downside. Initial tough resistance sits at 3,980/4,000 and until the index can break above here, consolidation is likely with a more bearish view. Major support for the index now sits at the cluster lows of 3,800. A further breakdown of this support could see the index fall back to the lows at 3,500. CPI figures due tomorrow are going to be crucial in painting the outlook for the short term.