The S&P 500 Is Holding Above This Key Level—For Now

“They say ‘close only counts in horseshoes and hand grenades,’” writes BTIG Chief Market Technician Jonathan Krinsky. “Anecdotally we get the sense that complacency has been removed, but we are not yet at any sort of fear. Today does feel like the start of more fear, and with SPX essentially at its 200 DMA, you could argue this is ‘close enough.’”