S&P 500 update
The low this morning so far went into a few major retracements. The biggest was 23.6% back to the 2009 low, this is 2753.00, 38.2% to the 2016.00 low, this is 2792.00 and 61.8% back to the Dec 2018 low, this is 2724.00. With a solid close below 2724.00 the next target is 2360.00, this is 38.2% back to the 2009 low. If this area is going to turn the market back up, it would have to get a solid close above 2876.00, this is 23.6% back to the all-time high and a major Gann square. As wild as this market is, above 2876.00 look for 2983.00, this could happen in a single day. It is this level that would have to be closed above for a couple days to say a long term bottom is in.