Charting S&P Downside Levels

Starting to wonder whether the SPX might not have a date with 1000-1025. Near term support remains 1250ish, which coincides with the uptrend line off the March 2009 lines as well as the 50 day moving average on a weekly basis.

If support at 1250 is broken, then significant support does not come into play until the 1000-1025 area.

Such a level would also correspond to a near perfect 50% fibonacci retracement of the current uptrend.

Do prices have to migrate this way? No way, cookie. Macro winds could blow bullish and the tape could sail higher.

Should things get going to the downside, however, the 1000-1025 level seems a plausible landing zone from a technical standpoint.

position in SPX