2manyirons
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The number to watch, according to Richard Ross, global technical strategist at Auerbach Grayson in New York, is 1,040 on the S&P 500.
"We're precariously perched on that support," he said. The market has held above that level on three separate times, most recently on Tuesday. Ross said if the index can hold above 1,040, traders betting on a continued slide in the market will eventually give up.
"There's only so many times you put your hand on the hot stove," Ross said.
If the 1,040 level doesn't hold like it did in February, May and on June 8, a bigger slide could be in store. The next level to watch would be 1,000, Ross said.
http://www.msnbc.msn.com/id/37672576/ns/business-stocks_and_economy/
"We're precariously perched on that support," he said. The market has held above that level on three separate times, most recently on Tuesday. Ross said if the index can hold above 1,040, traders betting on a continued slide in the market will eventually give up.
"There's only so many times you put your hand on the hot stove," Ross said.
If the 1,040 level doesn't hold like it did in February, May and on June 8, a bigger slide could be in store. The next level to watch would be 1,000, Ross said.
http://www.msnbc.msn.com/id/37672576/ns/business-stocks_and_economy/
