Bulls facing a ‘make-or-break' moment as the S&P 500 nears a line in the sand

The selling in the S&P 500 index SPX has been more evident in the biggest stocks than across the broader market, and market internals are still relatively strong. But they won't be able to stand up against a full- fledged SPX breakdown. A key support level at 6,800 (the January lows) was broken on Thursday. The next support is at 6,720 (last December's lows), which is critical for the bullish camp. A close below 6,720 would be extremely negative. ...