From a pure price standpoint, as I highlighted recently in the post “Pure Price Levels to Watch in the NASDAQ, Dow, and S&P 500,” the levels I highlighted came into play in a major way on Friday, with the market sell-off stopping in its tracks at the key test of the 1,040 level in the S&P 500.

Specifically, buyers rushed in again to scoop up shares/contracts there – creating the fourth such major bounce off this level in 2010.