All right, Kelly, thanks so much.

Welcome to Closing Bell.

I'm Scott Wopner live from Post Nine at the New York Stock Exchange.

This make or break hour begins with stocks and bonds at critical levels.

Here's a look at the scorecard with 60 minutes to go in regulation. We do have

a little bit of a ramp here as we approach this final hour. Dow's good for just about

300 points. S&P's been around the 200 day moving average all session long until

recently ramping above that to 3940 is the number to watch but we're 3970 now

the 10 year no yield closely watched of course above 4% all day long we're going to

watch those closes we head into the end and check out shares of a md near the

highs of the day on my scoop that Daniel L's third point has taken a new passive position in

that stock up two and two-thirds percent we'll have of course more on that coming

up as well all leads us to our talk of the tape is a moment of truth for the markets fast approaching.

J.P. Morgan's closely followed technician says it could be a level for stocks he

argues is so important that if it breaks could lead to accelerated declines.

Jason Hunter joins us now on the phone.

He's head of technical strategy at JPM.

Welcome, it's good to have you on our program.

I mentioned off the top here, it's the 200 day moving average that everybody seems to be fixated on you are watching a different level though on the S&P can you tell our viewers what it is and why?

Thanks for having me. Yeah really it at the cluster of levels in the thirty nine

hundred including the two hundred day but in the same area you also have the fifty day

one hundred day moving average and more importantly if you look at thirty nine hundred in that area roughly and go back to May of last year.

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