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S&P 500 moves down toward test of 1450 area, levels to watch

The index is down a little less than 0.5% at time of writing. While the decline isn't significant in percentage terms, the short-term trend is not positive. The index has faded from a push higher above 1460, and appears for the near term at least to be rolling over. All that could change depending on earnings news flow, but the guidance cut from Yum Brands (YUM) last night is not helping the overall mood. Next support is at 1450, and then at 1445.97. Resistance is at 1458.99. All sectors other than Health Care are in the red this morning. Consumer Discretionary and Energy are downside leaders.