Chart watchers on The Street are keeping a close eye one on number that may dictate the market's fate. Since falling through 1490 in July, The S&P 500 has attempted and failed twice to break back above that key level. Tuesday it closed less than a point from that milestone. Will the third time be a charm?
Jeff Macke explains that 1490 is a very important technical level. If the market closes above 1490 Jeff feels that will be a bullish sign because it means stocks were able to break through the resistance.
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Guy Adami says if you’re an investor who is bullish get long today and if you’re an investor who is bearish get short today. But either way he feels the stop is 1490.
Pete Najarian says he likes what he’s seeing in technology as well as energy. However, he doesn’t think the financials are out of the woods.
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Trader disclosure: On Sept, 4, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (CREE), (HLTH), (PDE); Macke Owns (HAS), (INTC); Finerman Owns (GS), Finerman's Firm Owns (LTD), (WMT); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts