Traders eye the 20-day moving average on the S&P 500 as a critical level for the market

(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) The ability of the S & P 500 to hang on to its 20-day moving average after the downdraft Friday and recovery Monday is critical for the stock market's short-term outlook, according to New York Stock Exchange insider Jay Woods. Stocks on Friday closed below their 20-day moving average of 6,667 for only the fourth time since mid-April. "Will the old support level become resistance, and take that next step lower or sideways?," Woods asked before the market opened Monday. Ultimately, the S & P 500 on Monday recouped more than half of Friday's pullback and closed at 6,655. (Watch the full video above.) For now, if the 20-day moving average lev