The S&P 500 has cooled off a bit after hitting record highs in August. And while most are eyeing the Fed to determine the market's next move, Jeff Weiss, chief technical analyst at Clearview Trading Advisors, has his eye on the charts.
With the S&P at 2,145, Weiss espies "key support in the 2,125 vicinity." If the market breaks below that level, the 2,100 level will be technically key.
"As long as those areas hold on a weekly closing basis, I do not believe the bears can infiltrate the market's intermediate-term trend," Weiss said Tuesday on CNBC's "Trading Nation."
Pointing to a one-year chart of the S&P, Weiss noted the early November peak in the market, when "in the 2,100 area, we have four weekly closing highs."
On a weekly closing basis, Weiss sees 2,100 as the line in the sand — meaning that if stocks fall below that level, there is a lot more potential downside.
The 2,100 level is "key to the bulls' case intermediate-term," Weiss wrote to CNBC.
"From a technical perspective, the S&P 500 looks ugly," Brown Brothers Harriman wrote in a note published earlier this month.
"The S&P 500, like the 10-year note futures, closed below its lower Bollinger Band," the note read, referring to a technical indicator that uses the market's moving average as well as its volatility to find a zone of potential support and resistance.
As for the remainder of the year, Boris Schlossberg of BK Asset Management said Tuesday on "Trading Nation" that he sees the market headed lower, citing uncertainty about the Fed and the election.
"I think the air is going to come out of the balloon; you're going to see it lower."