200 DMA just a few points above at 2741 and is a major reversal point historically.
CodedFlow
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@MystryBox, i will take a look... but usually i do not trust MAs...
MystryBox
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@LoLBeach, take a daily chart of the SPX, add a 200 day MA to it, zoom out to see a lot of days, then scroll back and look at some historical drops... Nov 1, 2000. Dec 7, 2001, May 14, 2008, etc. It's not a slam dunk, but it's real. Also look at the big picture... notice how bull markets tend to rebound up off the 200 for extended periods while bear markets tend to get rejected at the 200. We have been rejected at the 200 three times since last Oct.
MystryBox
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@LoLBeach, of course having said that now we'll probably bust up through the 200 and not look back, lol. Every resistance has fallen to this rally so far.
CodedFlow
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@MystryBox, my point as well... and just consider - if we as traders would stop in every threshold, level, MA - we better sleep and do nothing... or close.
CodedFlow
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@MystryBox, i think 200 made me close it. thanks for the observation!