S&P 500 down 16 points to 2029
The US stock market has cut through support levels in the past two days to the lowest since Oct 22.
The S&P 500 fell below the 200-day and 21-day moving averages yesterday and below the 100-day MA today.
The level I'm watching is 2023, which is a cluster of support that includes the Sept/early-Oct highs and the 38.2% retracement of the rally since the end of September.
If that level doesn't hold then look to 1995 to 2004, which includes the 55-dma, 50% retracement mid-Oct low and psychological 2000 support.
