S&P 500 May Fall If 1,085 Support Is Broken: Technical Analysis

(Bloomberg) -- The Standard & Poor’s 500 Index is close to breaching a support level that may cause a short-term “breakdown” in U.S. equities of more than 3 percent, according to technical analysts at Concept Capital. The benchmark index for U.S. equities closed down 1.7 percent at 1,096.23 on Nov. 27 as Dubai’s attempt to delay debt repayments rattled investors. That’s less than 1 percent above 1,085, the support level seen by John Kolovos and Craig Peskin at New York-based Concept Capital.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayNQ.2X3DfwA