S&P Above 38.2% Fibonacci Retracement, Eyeing 50% at 1,121

Technical update: From October 2007 highs 1,576.09 to March 2009 lows 666.79, with the S&P currently trading at 1,053 it is above the 38.2% retracement level 1,014 and is eyeing the 50% retracement level at 1,121.44. Meaning the S&P is eyeing the level to recoup 50% of it's losses from the October 2007 high. It is riding the steep uptrend and there's a downtrend that hits just above the 50% level. Watching for a blow out top sooner or later.


S&P 500 (Courtesy of Stockcharts.com)