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500 index has struggled getting above its 61% retracement level for the past few months. This weekly chart reflects by a small percentage, the 500 index closed above Fib resistance last week and its 200+ point decline yesterday happened to test the old resistance as support.
The chart above was made at last nights close and this morning would reflect that it is pushing higher off yesterdays test. This peek above resistance is big, since it tried for months and failed to climb above the 61% level. The breakout is being tested…NOT PROVEN YET!!!
Next target would be the underside of the neckline around 1,270 if the breakout does take place.