S&P 500 breaks through 1,700 for first time - but is that level important?

US markets continue to break records, with the S&P 500 breaking the psychologically significant 1,700 level for the first time.

Not that 1,700 is any more inherent significance than 1,699, but as traders attach importance to it, that makes it important.

Classic example of the self-fufilling prophecy and our obsession with base 10 numbers.

Some other levels may not just be superstitution - the jury is out on Fibonacci numbers and the like.