The rebound in the stock market following Wednesday's interest rate hike may already be over. The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the broad stock market, stalled out at important resistance.
As you can see on the following chart, SPY reversed off of the $430 level. Savvy traders were expecting this and here’s a logical reason for it: This was a support level, and support can turn into resistance.
