S&P retests the day highs and the 2017 closing level

S&P closed 2017 at 2673.61. High just reached 2673.46

The S&P has clawed all the way back to the highs for the day. The index is still down, but it is well off the lows at 2628.16. We just printed 2673.46.

That is the good news. The not-so-good-news is that the high just stalled for the 2nd time today, just below the 2017 closing level at 2673.61.

For me, that is a level represents an important barometer for the market. Stay below, we are in the red for the year. Move above and perhaps we get a little more upside.

Key level technically (and psychologically as well).