Letters and Numbers:
Alphabet is a big psychological name that many focus on, and one of a handful that could move markets. Among the FAANG names is ranks near the bottom of the names in that acronym off 31% from most recent 52 week highs (easily best are NFLX and AMZN off 8 and 13% from their respective yearly peaks). But it is coming into a line in the sand spot on the chart, at the very round 1000 number, which held a couple times in 2018 after being temporary resistance between May-July 2017. It is on a current 5 week losing streak, and that occurred just one other time in the last 5 years between the weeks ending 10/5-11/2/18 (that run was halted at the very round 1000 number). In my opinion this is a must hold level, or its importance and composition, in both technology ETFs and benchmarks could continue to pressure markets to the downside.