I’m overloaded with work having been out of the office Monday and Tuesday but I just wanted to throw this out there…
The number on everyone’s tongue is 1250. That’s the S&P 500 support level that every single trader I talk to is focused on right now. 1250 is both a support area as well as the S&P’s simple 200-day moving average.
Look at the Google search results for the term “1250 Support S&P” – there are 15,200 entries for that term in the last 24 hours, homeboy.
You don’t need to “believe in technicals” to understand this concept, it is a supply-demand thing and a possible gauge of whether or not the appetite of the investor has changed. Even the bottoms-up fundamentalists are rattled – they are watching this level too, no matter what they say publicly.
Here’s what is looks like: