The stock market, as measured by the S&P 500 Index (SPX) rallied on Thursday and has confirmed 4080 as a strong resistance level, with further resistance up to 4200. SPX has probed down into that range, and a break below 3760 would be extremely negative — not only from the viewpoint of violating support, but it is also considered a bear market condition if the December 2022 lows are taken out. This week, SPX traded down sharply enough that it touched its -4σ “modified Bollinger Band” (mBB).