October 3rd 2008 - SPX closed at 1099.23
October 3rd 2011 - SPX closed at 1099.23
How freaky is that? In 2008 the SPX proceeded to lose 40% to a low of 666.79 which it hit in late February, early March of 2009. Is it an early warning sign or just an odd coincidence?
The SPX closed at 1123 today and I had a look at the weekly chart. It shows support at 1000 on the weekly chart. We could see another 10% drop, which is actually a hefty correction. If 1000 doesn't hold, then 950 is the next stop followed by 870.
http://stockcharts.com/h-sc/ui?s=$SPX&p=W&b=5&g=0&id=p72698376642
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