The S&P 500 is close to breaking a level that could trigger another drop in stocks

The S&P 500 is flirting with a key resistance area that, if broken, could mean some more downside for stocks, say analysts who watch charts.

The S & P 500 is flirting with a key resistance area that, if broken, could mean some more downside for stocks, say analysts who watch charts. The broad market index fell below its 200-day moving average Wednesday but closed above it at 3,951. The level is a momentum indicator and is calculated based on the last 200 closing prices for an index or stock. The 200-day for the S & P 500 is at 3,940. In early trading, S & P 500 futures traded lower. .

US10Y 1Y line bonds BTIG chief market technician Jonathan Krinsky said the S & P 500 Wednesday was essentially testing Friday's low at 3,943 with a second attempt to break the 200-day moving average. "Below that comes the high volume zone around 3925. While we continue to expect that zone to break, which should open the door down towards the Dec. lows , breadth likely needs to deteriorate meaningfully if that zone is going to break today," he wrote in an note.

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