On the daily chart, we can see that the S&P 500 continues to rollover with the trend now looking clearly bearish as the price keeps on printing lower lows and lower highs with the moving averages being crossed to the downside. The price has now reached another key support level at 4946. This is where we can expect the buyers to step in with a defined risk below the level to position for a rally into the new highs. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the next support at 4846.