In the wake of Tuesday’s triple digit sell off, the Fast traders pause to look at the technicals.
What should you be watching?
Mary Ann Bartels, Bank of America Merrill Lynch head of U.S. Technical Analysis tells us 1270 is a key level on the S&P. "I think we can come down and test it, the question is whether it holds or not."
And if not, ”then we’re looking at 1220 to 1170,” she counsels.
But what determines if the market holds or if it folds? That's the billion dollar question.
According to Bartels, “the fate of the stock market lies in the hands of oil .”
And despite all the chatter you’ve heard about $100, Bartels suggests that's more of a psychological level, than anything else. According to the charts, what really matters is $103.
“That’s an important Fionacci level,” she explains. If we break above that level it opens the door to test the 2008 high of $147.
Get all the details. Watch the video now!