the s  p 500 is flirting with a key resistance area that if broken could mean some more downside for stocks say analysts who watch charts the broad market index fell below its 200day moving average wednesday but closed above it at 3951 the level is a momentum indicator and is calculated based on the last 200 closing prices for an index or stock the 200day for the s  p 500 is at 3940 in early trading s  p 500 futures traded lower spx 1y line sp stocks have been waffling as interest rates climb and strategists have pointed to investor concerns increasing as the 10year treasury yield recaptures the psychological 4 level the yield which moves higher as bonds selloff rose above 4 for the first time since november in wednesdays session it was at 407 thursday morning us10y 1y line bonds btig chief market technician jonathan krinsky said the s  p 500 wednesday was essentially testing fridays low at 3943 with a second attempt to break the 200day moving average below that comes the high volume zone around 3925 while we continue to expect that zone to break which should open the door down towards the dec lows 3775 breadth likely needs to deteriorate meaningfully if that zone is going to break today he wrote in an note on the upside 39804k should now represent decent initial resistance andy brenner head of international fixed income at national alliance securities said the 200day will likely be broken meaning the s  p 500 will close below that level and stay there for awhile higher bond yields are continuing to pressure stocks downward and we dont think higher bond yields are stopping just yet said brenner we now see the s  p 500 going to 3800 or low 3800s  i dont see us going down that much but i dont see us rallying that much