Keeping my eye on the chart

I'm watching a couple of points on the S&P 500. Watch the support at 1460 (solid blue line). I think that's a key number and if we break through it, we might plummet down to the February low of 1377 (red dotted line).

The most recent correction didn't give us that capitulation that we saw in August (blue arrow) and I have a feeling (after seeing the reaction to the rate cut) that we could see some really rough times if we break through that support.

Look at how goofy this market has been since July. Compare it to the nice smooth ride up from March to June. This thing has been a real pain in the buttocks and if we break though 1460 look out below!