S&P 500 is currently finding support at the bottom of the down channel. It is also the 0.618 fib level. Today's price action is up and trying to bounce off the support line. I personally don't think this is the bottom, but this is an important place to watch. We could get a good rally off this trend line like back in the summer. However, the recent short rally was unimpressive and we could drop hard down to the next fib level and trend line.
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Huge test this morning with massive rally. Still need a follow through to see if it will hold.
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Straight back down to test support after rejected off the 20 day SMA.
