I could go either way
--ELO
If the downside in fact continues, then where are the technical support levels?
First up is the SPX 1280ish area which happens to correspond to the 200 day moving average. Then comes 1250 which enjoys some horizontal support support. It also marks the uptrend line from the Spring 2009 lows.
1200 is next as it marks a multi-year uptrend line with various 'touches'.
Below that are the 1100s probed last year, most notably 1135 which constitutes the 200 day moving average and the closing lows reached late last summer.
position in SPX
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The Standard & Poor’s 500 Index took longer than usual to fall 5 percent from its peak this year, a sign that any further retreat in U.S. stocks will be contained.
~Sam Stovall, S&P
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