“The Standard & Poors is now challenging 1490 once again, and if it can move significantly through that level it will have proved itself worthy of another run at its old highs.”
– Michael Kahn, “The Bulls Have The Ball Again” (subscription required), Barrons Online, Wednesday December 5
1490 has become an important line in the sand for the S&P 500.
It served as support when the market corrected in mid-October. And now it seems to be serving as resistance as the market couldn’t push through it on Wednesday November 14th, last Friday or today (S&P 1490 Resistance Chart).
With the S&P closing today at 1485 one wonders if we aren’t at a moment of truth. Can the S&P blast through 1490 and challenge its highs? Or is this merely a bounce that has now run its course?
We’re probably going to find out soon.