The last time the S&P 500 was at 1,000+ was November 5th of last year – which seems like about twenty lifetimes ago. It's interesting that we pierced it today for a few minutes and are beneath it yet again. The psychological magnetism of big, round numbers is always something to behold.
You'll recall back in the 1970s how many times the Dow bounced off 1,000.
I'm not offering this as a reason for the S&P to go down from here – good God, I'm not that desperate for reasons. I'm simply mentioning it since the 4-digit S&P is sure to be getting plenty of attention.