CHART OF THE DAY: Every Stock Trader Is Watching This Huge Level

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Something big is happening in the market, besides the nearly 200-point decline.

The S&P 500 is kissing its 200-day moving average (an average of the last 200 days), which according to some people is a crucial point of support for the market.

If we break it, the bull that started last year could be kaput. If it bounces, people will believe even more that this line holds some power.

chart of the day, spx, june 2011

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