S&P 500 - Potential reversal 1-hour timeframe.

Technicals

The S&P 500 looks like it is trying to reverse an initial fall on the market open. Support sits at 3,798, followed by 3,644. A break here at 3,644 would allow a resumption of the longer-term downtrend. Toward the upside, initial targets are 3,855, followed by 3,944. RSI reads 41, with MACD turning postive and gaining momentum.