The S&P 500 fell by 1.4% on Wednesday, largely due to rising inflation fears and comments from Federal Reserve Chairman Jerome Powell that the central bank isn't likely to act. The index closed just above its 200-day moving average of 6,619.14, a key technical point for traders. Dubravko Lakos-Bujas, head of global markets strategy at JPMorgan, suggested that strong support may occur for the S& P 500 until 6,000-6,200, which is 6-9% below the current closing level. The Dow Jones Industrial Average also breached this threshold. However, the S & P 500 has shown resilience when it falls below the 200-days average after a long period of trading above the trendline.