As much as Greece, the oil spill and the economy, the markets these days are moved by wild swings between technical levels that at times overshadow the underlying fundamentals.
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"Technicals matter in this market," Pimco co-CEO Mohamed El-Erian proclaimed in a CNBC interview Tuesday, underscoring and perhaps understating just how much statistical measures of market behavior influence trading.
In particular, analysts have been watching support tests on the Standard & Poor's 500[.SPX 1115.23 
25.60 (+2.35%) 
] around the 1040 level and top-side resistance near 1110 as an important gauge for whether the market can stay out of the recently breached correction territory and resume the aggressive bull-market run that preceded it. read more
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