S&P Points


Okay, if the S&P continues to drop, what are the levels that will be important going down?


1050, 1040, 1015, 998, 965, 911, 869ish, 833, 768

It may not drop to the levels it did in late 2002, early 2003 timeframe.
From the graph, the thicker pink line could be where the S&P could turn around on, which would put it around the 1015ish level. This is also where the 200 EMA is. The S&P bounced right off this in the late 2002/early 2003 timeframe.
However, the tops of the M are only slightly raised on the right side. So, it may possibly not get as low as last time, which was 768.
Where the S&P stopped today, you cannot see it on my monthly chart, but it's on my Daily. 1106 is an area in the past where it failed to rally, and lost that battle to tumble down. That was not an arbitrary number it stopped at today.
This month it's had a 197 point range and is the biggest month than any other month. The 1015ish range is not too far from the 1106 of where it is now. It's made some huge moves in the past month. What's another 90 points?
It'll be interesting to see what happens.
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