S&P drops below 700

I was watching the markets today at school while practicing solid modeling and assembling parts in Pro engineer when i noticed the S&P dip below 700. I remember that some fine folks on here were saying to watch the S&P as it is a more accurate measure of the real economy.

They said if it dips below 700 its bad.

Well it has happened, and my question is what did you mean by bad? What does this mean? Sorry I could not find the specific posts that said this so i could not ask those people directly. Any input would be greatly appreciated as I am compiling data from economists and looking at numbers and I am trying to predict for my own curiosity what is going to happen next. Thank you.

[edit on 3/3/2009 by gravytrain]

There's a great "Up to the Minute Market" thread ongoing, I'm sure if you have questions someone in there would probably be glad to help you answer them. Lots of great info shared in there.

www.abovetopsecret.com...