Low from December 2018 and 38.2% retracement on the downside
The S&P index has a low price today of 2385.34. That is still above the low from yesterday at 2367.04. The high today has so far reached 2436.50.
Looking at the weekly chart, a trendline from the 2009 low price cuts across at 2407.50. That level is a barometer for the bulls and the bears. We are currently trading just under that level at 2401 and volatile trading, but the corrective high did move above that level to 2436.50. Be aware
On the downside the 38.2% retracement of the move up from the 2009 low comes in at 2351.91. Just below that level is and of December 2018 swing low at 2346.58. Breaks below each of those levels increases the bearish bias for the index.
The 7% circuit breaker today at 2352.14.
