Why S&P 500 1,300 is important, until it fails…

The simple reason why SPX 1300 is important is because that's where we bounced from today.  Two more things I'd like to point out however, that give 1300 a little more resiliency.

One, 1300 served as resistance in mid March and two, it's also between the 38.2% and the 50% Fibonacci retracement level.

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