Stocks quoted in this article:
The S&P 500 Index cash market (SPX – 1414.82) has quickly fallen back below the 1420.00 area after closing at 1429.40 Tuesday evening. The 1420.00 region is important, as it marked the broader-market index's July bottom and also acted as support in late September, before a close below this area on October 6th led to a 5.5-percent SPX decline over the subsequent week.
On an intraday chart, the 1420.00 level held as support early this morning and the SPX in fact rallied back to yesterday's closing price around 11:20 a.m. The index was subsequently rejected at the breakeven point, however, and has since been in a downtrend.