S&P 500's breach of key 2,100 level has chart experts worried

Published Thu, Nov 3 20169:28 AM EDT

The S & P 500 's seventh-straight loss was especially worrisome to traders who follow charts because the benchmark closed below 2,100. Many of them predict deeper losses ahead if the index can't bounce quickly back above this level before the week closes out. S & P 500 3 years: Source: FactSet This level became key to the market after the S & P 500 first passed it in early 2015 and then struggled to break meaningfully above it for almost the next year and a half. After the benchmark rallied clearly above 2,100 in July, this key level of resistance then became key support. CNBC PRO asked Wall Street technical analysts for their current take on the prospects for the market and the next important support levels. Here is what they see. Cornerstone Macro's Carter Worth noted that the S & P 500's 2,100 breach represents a "failed breakout" during the past few months: Source: Cornerstone Macro Worth also noted this seven-day S & P 500 slide has caused the market to break a solid uptrend formed since its lows earlier this year. Source: Cornerstone Macro "I think the Brexit lows are in play ... so ... SPX 2,000+/-," Worth wrote in an email. Taking a longer term view, Chris Kimble of Kimble Charting Solutions said the S & P 500 is right near its key monthly support level of 2,104: Source: Kimble Charting Solutions On the next key support level if the market does break down: "Monthly sideways channel support for the past couple of YEARS is 1,930 (monthly closing basis)," Kimble said. Source: Kimble Charting Solutions Even the bullish JPMorgan technical strategist Jason Hunter recognized the downside risk in a note to clients Wednesday: "Indices pull back into support areas. We maintain a bullish outlook, but recognize that could be derailed by event risk. ... As the US election quickly approaches, the recent price action and its correlation to shifting poll results raises some concern that next week's election outcome has the potential to at least temporarily derail our bullish equity outlook."

Traders work on the floor of the New York Stock Exchange.

Daniel Acker | Bloomberg | Getty Images

The 's seventh-straight loss was especially worrisome to traders who follow charts because the benchmark closed below 2,100.

Many of them predict deeper losses ahead if the index can't bounce quickly back above this level before the week closes out.

S&P 500 3 years:

Source: FactSet

This level became key to the market after the S&P 500 first passed it in early 2015 and then struggled to break meaningfully above it for almost the next year and a half. After the benchmark rallied clearly above 2,100 in July, this key level of resistance then became key support.

CNBC PRO asked Wall Street technical analysts for their current take on the prospects for the market and the next important support levels.

Here is what they see.