In an extremely volatile session on Aug. 25, the S&P 500 rose as high as 1,948 before turning back around to close at the lows; the high the next day was 1,943.
After a few more dramatic moves across the 1,950 line, the S&P 500 surged on Oct. 2 to close at its high tick of 1,951. A decisive move above that level in the next session set the market up for a sweet rally over the next month.
More recently, the S&P 500 found its session high at either 1,947 or 1,950 on Jan. 12, Jan. 13 and Feb. 1.
At this point, a break above 1,950 appears to be what bulls are pinning their hopes on.
In a Friday morning missive, Raymond James' chief investment strategist, Jeff Saut, complained that "we didn't quite make it to the envisioned 1,950 level," which "brought on questions" about whether the market's recent "selling stampede" is over.
Either way, traders certainly appear to have become increasingly technical-minded of late. The last "key level" was 1,812, which was lauded as the market's potential low.
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To Boris Schlossberg, managing director of FX strategy at BK Asset Management, this is a symptom of the market being "fundamentally uncertain."
"That's why we need to see those prices higher in order to have that conviction that prices are going higher," Schlossberg said Thursday on CNBC's "Trading Nation."