The open of the first trading day of 2023 had a sharp rally that threatened important resistance. The bears then repelled this advance with a sharp drop that failed to break below important support.
The SPX – 15 – minute chart courtesy of Trading View illustrates the action since mid-December.
A break below the rising trendline from the 12/22/22 bottom would be a caution signal that important support could be broken.
At 2:00 PM – ET – 01/04/23 the FOMC minutes from their prior meeting will be released, it could be a catalyst for a strong move in either direction.