S&P 500 slips below 800, retesting November lows

This is the technical profile of the market I explained to you this morning. Looks like the stock market is really excited about the prospects for the "Stimulus Bill" signed into law by Obama this afternoon.-Lou

S&P 500 slips below 800, retesting November lows

Investors watch for break of 750, which some fear could presage more losses

By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- The S&P 500 Index on Tuesday fell below 800 for the first time in nearly three months, with the broad market testing November lows in what proved to be a pivotal trial that had a key support level holding.

A break below 750 by the S&P "could morph into a full-blown crash scenario that may find a resting spot anywhere between 600 and 640, taking away roughly one-third of the gains from the 1982 lows. While possible, we are not yet putting too much weight on the outcome," said Paul Nolte, director of investments at Hinsdale Associates

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