The Level

I don't often discuss levels in the market because I prefer to look at indicators that deal with time or sentiment. But 1074 on the S&P 500 strikes me as an important level, especially if this rally continues unabated. That is where we gapped down from on the day of the massacre last week. It seems like a level where bulls would take profits and bears who covered might start to reestablish positions. It should at least make the market pause if we get there.

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