Have We Reached The 'Carl Icahn High'?

The S&P 500 was approaching the critical 2,100 level when Carl Icahn told CNBC last week that he is “extremely cautious” about stocks.

“I do believe in general that there will be a day of reckoning unless we get fiscal stimulus,” Icahn said on "Power Lunch."

Since that interview, the S&P 500 has declined 23 points, and it appears as though the 2,100 level that has stymied the bull market repeatedly in the past year may once again prove impenetrable.

The S&P 500 first approached the 2,100 level in late 2014. Its most recent run at breaking out significantly higher comes after three previous attempts to reach 2,150 came up short.

The December 2014 surge to 2,093 was quickly sold off down to 1,980. By March of 2015, the S&P was back knocking on the door of 2,100 once gain and proceeded to trade mostly between 2,050 and 2,134 for nearly six months prior to the August selloff down to 1,867. Finally, November’s rally took the S&P as high as 2,116 before the early 2016 drop to 1,810.

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“We know these buy the dippers are persistent, so I don’t know if we’re just going to go crashing down, but I still think the ‘Carl Icahn High’ could hold,” Dennis Dick said on Tuesday’s PremarketPrep.

Following Tuesday’s selloff, the SPDR S&P 500 ETF Trust SPY is now up 1.2 percent year-to-date.

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