2200 is strong support for S&P 500, will it break ?

will we CLOSE BELOW 2200 today? 2200 is very strong support on the s&p 500.
Gotta wonder if this holds on a closing basis.

 

Not today. That's ~8% below.

Likely the technical players will play it when/if we get there, however.

 

Agree unless its a huge 1987 type one day plunge. I think 2200 is a magnet though.

 

'87, was a -22% plunge in one day. That's not likely either. I can't think of even a 5% decline in one day except that one.

 

I understand, i dont mean 22% of course but a huge capitulation type down day.

 

Correct.

 

October 1st 1987 was my Wife`s first day at the NYSE... back when woman were not allowed to walk the Floor ... She approached her boss on Oct 19th or 20th ... She recalled asking him in her Naivete " This place is very depressing... Not sure I want to do this anymore"!

 

And the fall of 1997, fall of 1998, spring of 2000?

 

LOL! Get that.

At my B/D, one ballsy broker had bought a ton of cheap OTM puts. Cashed in for >$1MM and retired from the biz. Good for him!

 

Go check your charts from late Sept thru mid Oct 2008.