The S&P 400 Midcap (MID) has (again) been turned away from the 1,000 millennium mark, an area that has essentially been a brick wall since first reaching this area in May, 2011. However, there is potential support here in the 970 area, given that:
1. It is the site of the 80-day moving average, which acted as support in April and resistance in July,
2. It is the site of a trendline connecting higher lows since the June bottom, and
3. It is a 38.2-percent Fibonacci retracement of June low and mid-September peak.
If you are looking to buy a mid-cap name, a good entry point here, but if support breaks, don’t hesitate to cut your losses.