Wednesday, November 9, 2011

S&P 500: "Will 1,218 Hold The Second Time Around?" (SPX; SPY)

The S&P is down 42.92 (3.36%) at 1233.

For some reason I've got the Black Knight from ...Holy Grail stumping around my head:
"Tis but a scratch"
"I've had worse"
"It's just a flesh wound"
"I'm invincible!"
And finally King Arthur's riposte to the armless, legless creature before him:
"You're a loony"

From Bespoke Investment Group:
Last Tuesday (11/1), the S&P 500 closed right at a key support level of 1,218.  After rallying for the last week, the S&P 500 has given up most of those gains in a single day and is now closer to the low end of its range than the upper end.  Now instead of looking for an upside breakout, bulls are hoping that the 1,218 support level will hold again.