There is a reason why I have repeated the 1420′s as being a critical area on the S&P 500 for months on end. That reason is because price has memory. Currently, the S&P is trading at 1425 into Christmas Eve. There is no need to complicate this, like trying to figure out the NFL playoff picture for the New York football Giants. Price is simply coming to terms with a significant level, as has been for quite some time.

In the meantime, focusing on individual stocks acting well is important, as we do every single day inside 12631.

Consider this stretched out 30-minute SPY chart going back roughly one month. You can see the price magnet the $142 (1420′s) is and has become. Recall this has been a key level not just this year, but going back many years as well.

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