The S&P 500 closed Monday below horizontal support at 1295. “This level rebuffed breakdown attempts in February (twice) and mid-April,” said Tarquin Coe, technical analyst at Investors Intelligence, on Monday.
The S&P 500 closed at 1286 for the session. The index falling below 1290 suggests the index will test the March low of about 1249, Coe said.
SPDR S&P 500 ETF (NYSEArca: SPY)
