Round Numbers & Prior Highs

Why prices like $100 or an index level of 700 can act like magnets and walls, with SPY’s real struggle below $700 in early 2026.

Why round numbers matter

People think in round numbers. Investors set price targets at $100, place orders at $50, and set alerts when an index “hits 7,000.” Those clusters of orders can slow a move or stop it for a while. Options activity also tends to gather at round strike prices, which can add to the effect.

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