50% of the move up from the 2016 low comes out at 2602.91
The S&P is due to open below its 200 week MA at 2640.17. The of the key level comes in at the 50% retracement of the move up from the 2016 low price that comes in at 2602.91. At that level the S&P index will have moved down -23.26% from the all-time high from February.
The low price from the end of 2018 bounced near that 200 day moving average. The price did dipped below the level by about 5 points but rebounded. Going back to January and February 2016, the price neared the 200 day moving average but found early buyers. The last time the price close below its 200 week moving average was back during the week of September 30, 2011.
A lower trendline on the weekly chart comes in at around the 2500 level.
