Still Watching for a Major Low
A few of months back, we began to look at 1295 in the S&P 500 as a likely support level because it was an important stopping point on the way up in October. Old levels of resistance often become new levels of support. So from time to time, I have suggested in this column that it was a possible objective if the markets turned weak.
Last Friday, the three-week slide in the averages had erased nearly everything gained since the start of the year, and the S&P 500 was all the way back down to that critical level. So the bounce off that level yesterday was very much to be anticipated, in spite of the apparent free-fall....389 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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