The S&P 500 Fell Sharply Right at These Key Levels. Most Stocks Are Still Down.

The S&P 500’s rally evaporated right around some key technical levels. Frank Cappelleri, founder of technical analysis firm CappThesis, told Barron’s the index was right around a cluster of key levels; the 50-day moving average at 7439; the 20-day moving average at 7476; and a downtrend line drawn from its July 15 high. “The S&P has rallied back to that zone but, so far, has been unable to break through it,” Cappelleri says.