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.