Today's Close

I should probably let this settle a little before I comment, but here it goes.  The S&P 500 closed today at 789.17, the LOW of the session.  This is the first close below 800.00 since 11/20/2008, which was the day that marked the purported crescendo of the panic selling which began in September.  That day can be considered an anomoly, alebit a very important one.  The S&P, from 11/19 - 11/24 (the 22nd and 23rd was the weekend), had a gain of 5.6%.  Nevertheless, 11/20 must be considered.  More importantly however, is the fact that the S&P 500 has not closed any lower than this, except for 11/20/2008, since 04/28/1997.  So, as I've been writing about in my blog and more extensively in my newsletter, this is a vastly important event.  From a technical perspective, if we do not hold this level (we've closed below 800.00, which is a bad sign, but we could vacillate around 800.00 for a while), the next stop on the S&P 500 is between 650.00 and 750.00.  There looks to be weak support at 750 and strong support at 650.