SP Support?

SP's pretty much have to hold the 50% retrace of the rally up off the recent  lows of 1040. That number is 1077 basis Mar futures. And if you were trying to count the move up off the lows as an impulse wave, overlapping what might be "1" around 1077 eliminates this move lower as " 4".  SO taking out 1077 advances the bear case.

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