As S&P Flirts With 2000, Here Are The S&P Support Levels

The S&P 500 is down over 2% at the cash open - with FANTAsy stocks collapsing 5-8% - flirting with the crucial 2,000 "mission accomplished" level. Here are the short-term support levels..

S&P support levels stand at:

• 2002 (S-T support - 8/25/2014 high, 8/27/2014 high, 9/2/2014 close, 9/8/2014 close, 9/16/2014 high, 9/17/2014 close, 12/12/2014 low/close, 1/28/2015 close, 10/13/2015 low)
• 2000 (S-T support - round figure, 8/26/2014 close, 8/27/2014 close, 9/24/2014 high)
• 1997 (S-T support - 8/28/2014 close, 9/10/2014 high, 9/11/2014 close, 9/12/2014 high, 9/25/2014 high, 9/16/2015 high)
• 1995 (S-T support - 8/21/2014 high, 8/29/2014 low, 9/2/2014 low, 9/23/2014 high, 10/30/2014 close, 1/30/2015 close, 9/16/2015 close)

FANTAsry names are getting hammered - extending pre-market losses...

Comments

[r3ct1f13r]

Pouring butter on popcorn.

[waterwitch]

666 bitchez

[DeadFred]

What about the lower support levels? Long term trend somewhere in the 1950 area and head and shoulders neckline in the 1870 area but I can't define them much better than that. When those go the popcorn will really come out.

[Vampyroteuthis ...]

Blew through all of those supports as I write. My shorts are getting good. Suck it Wall St.!

[two hoots]

As the ISM Index and Construction Spending took another dip.  http://www.bloomberg.com/markets/economic-calendar/  (thanks Bloomberg)

[BlueStreet]

1700?

[JenkinsLane]

Happy New Year Hedgers!

[BiPolarFrenchman]

Happy New Year to you, sir!

[youngman]

Just shows you how much support there was for the Santa Rally...that was all fake....now maybe we can go to market levels...not the pumped up fake levels

[DeadFred]

I don't think that's possible. Moving to where the market 'should' be will cause the derivatives to implode so the target will no longer be there when the market reaches it. They either keep it pumped up or we see carnage worse than anyone has seen before. My opinion and it's worth every cent you paid for it.

[PTR]

So you take out a derivative to hedge your derivative position.  What's the problem?  /s

[two hoots]

This market has no idea where it should be as Fed removed its fundamental compass.    

[El Oregonian]

Oh it knows where its at. Its just hard to order drapes for a septic tank.

[NoDebt]

There are no support levels.  All support will fail until the Fed announces QE4 (and it damned well better be twice as big as the last one).  Until then, stay the hell outta the markets.

[Government need...]

The juiced-in corrupt bastards in DC need to make some money on the short side . . . before the next QE, paid for with our freedoms and deficit dollars.

[Yellen's_Boytoy]

But everything is great!  BTFD or maybe that was so 2015?  Need my girl to hit the buy button!!!

[ThisIsBob]

One man's support is another man's resistance, tra la.

[Bastiat]

When does Yellen come out in a bullet proof vest?

[thinkmoretalkless]

As soon as she can figure how to exit her safe room

[American Psycho]

Suck it FANG index.

[Hubbs]

Let's cut the crap, Yellen. Instead of trickling funds through peripheral IVs, go ahead and infuse huge amounts of money via a central line to keep the S&P afloat.

[DontWorry]

BTFD

[JPMorgan]

FINALLY!!! the S&P gets a gravity / reality check.

It just broke below 1999.

[djsmps]

Flirting? It's been french kissing.

[Sorry_about_Dresden]

Yeah!!!!! Finally honest price discovery! Did Kevin Henry have a widowmaker at his desk or something? Where is the PPT

Paging Mr. Margin Call. Please pick up the red courtesy telephone! Paging Mr. Margin Call!

Guess he is busy? HAHAHAHAHAHAHAHAHA

I see gold is moving up! The fight to safety begun, the sheeple are heading for the exit doors which have already been locked from the outside, which means the muppets will be crushed!

Resistance is futile....you will be assimilated!

So glad I requested a redemption of my 401a on 12.22.2015.....all of it! I'll pay the 24%. They better have locked in the notional value on the 22nd!

Now they have Loretta Mester, the President of the Cleveland FRB, for her first TV appearance  on Bloomberg. Was she flown in from Cleveland.....today to San Francisco.....to appear on Bloomberg????? The FRB is sending in rookies now? This reminds me of Neil Kashkari's puzzling first appear as overlord of TARP back in the day.        ,

I am a formally trained Chemical Engineer looking for a job in water treatment if anyone has any leads, I would show my gratitude....in cash. I would like to work on West Coast of USA or overseas. Please help me if you can. Thanks.

[Nobody For President]

It is now 1994 - time to pull the ripcord yet?