Mkt Stress-Testing Key Levels; Needs to Hold at 2346-2414

The Standard & Poor’s 500 index (SPX) is stress testing an important technical support level between 2346-2414, near the lower end of the cycle lows in 4Q18 at 2346. The upper end coincides with a 62% retracement of the 2016-20 bull market at the 2414 level. An inability to hold those levels would open a risk window for another downside move with next support close to 2100, or the upper end of the 2015-2015 range highs.

I encourage subscribers to listen to our conference call from this past Wednesday featuring Tom Lee (Strategy) Tom Block (Washington), Brian Rauscher (Portfolio Strategy) and myself (Technical). The replay link is on the website. During that call, which includes a slide deck, I discuss a number of noteworthy long- and short-term technical points investors and traders should be aware of.

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