I like to track big whole numbers on the equity indexes. Think of the Dow Jones Industrial Average in 500 point increments. The NASDAQ 100 in 200 point increments and the S&P 500 in 100 point increments.
Currently, the S&P 500 is above 4400 on the S&P 500 and 440 on SPY but now have hit 4501.08 and 449.37 as the intraday highs.
There have been 11 moves above and below 4400 that have occurred in two months (July and August) as we approach 450 and 4500, already hit earlier in the session. Earlier we noted, “The longer it takes to clear 4400 the greater the likelihood we head lower”. Well it appears we are ready to take on 4500 and see if it can become support instead of resistance.
A concern is also that 4500 is a big number like Dow 30,000. It could mark a top as we enter the seasonal tough period of September and October. Remain focused.