The S&P 500 Index came close, oh so close, to holding the psychologically important 1,121 level today, touching it briefly this morning, backing off, returning shortly before 3 pm, Eastern, before losing steam again.� Why is 1,121 important? Because technicians say so!� 1,121 is a retracement of the 50% dip from the high of October, 2007, to the March, 2008 high. Some observers argue if the S&P goes above 1,121 and then falls below 1,114, look out below.
Then again, some people say never mind: almost no one’s around over these sleepy holiday weeks.
http://chart.bigcharts.com/custom/wsjie/wsjie-barrons-220.img?symb=SPX&sid=3377&time=1dy&freq=1mi&compidx=aaaaa%7E0&comp=&ma=0&maval=60&uf=&lf=1&type=16&hed=S%26P+500+Index&dek=¬e=&size=&style=&thumbchart=weekly&mocktick=1
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