SP1270-1275... 5th try today.. Does it get stronger or weaker with each prod?? Me thinks it becomes a much better trade if broken after this many defenses..
they manufacture the trend for suckers (not like you ;-) so they think "wow NOW THATS THE BOTTOM" ;-))
It's not a matter of how many times a certain level is "tested". . . What is more significant is what the internals tell you that make up the index because it is capitalization "float" weighted.
So the internals will sway your trading decision should a close under 1270 be at hand? A close under that level is only possible if the higher cap stocks fail.. yes?
But there are other "factors" as well because during periods of panic selling the large-cap multinational names usually get SOLD first because they are the most LIQUID. - - - And such selling can wind-up creating a low even as technical support levels get broken.