this out from one of the major online brokers I use, fyi
this broker rarely provides this sort of info, and the author ID is not known to me -
S&P 500: The 850 Area 04/09 2:15 PM
The 850 area plays a pivotal role in the S&P 500 (SPX). It was the April low area in 2003, which corresponded to major support in the year prior. It was the launching point for a major rally off then bear market lows. Today, it is a resistance level which has taken a month to return to from recent bear market lows. It happens to correspond as well to the top of the weekly bearish price channel for the down leg from October of last year. A major breakout above this area might well be seen as bullish confirmation of the lows being firmly in place and would put a technical end to the current downtrend on a weekly basis. There is however a risk, though perhaps not today's business, that this area will be resistance that turns back the advance. How the close goes today, as well as Monday's response, will go a long way to determining whether 850 marks an end to recent bullishness, or the start of a new advance.
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