TraderWise

This morning, we saw price pause and decline from the 1,100 level in the S&P 500.

Let’s take a closer look at that level to see its significance, and the other key reference price levels to watch that have more importance.

S&P 500 “Pure Price” Daily Chart:

Let’s start first with the horizontal (highlighted) line I drew at 1,100.

For the most part – with the exception of late February – this level has been a short-term overhead resistance area.