Trend line at 2506.56. The 38.2% comes in at 2507.76
The S&P index has seen a rebound in the price off of the days low of 2401.57. The price moved up to and intraday high of 2522.72. In the process, the index extended back above a broken trend line at 2506.56 AND the broken 38.2% retracement of the move up from the last time the price traded below its 200 day moving average back in October 2011. That level comes in at 2507.76.
The last few minutes of seen the price move back below the 2500 level as volatility remains prevail in the market. Was that it for the corrective move? Watch the 2506-2508 area. If the price cannot extend back above that level, the market may start to erode once again.
