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The S&P has had a good rally over the past 30-days. This rally has taken the S&P up to its 61% Fibonacci retracement level, of the highs last year and the lows of a month ago.
Over the past year, the S&P remains in a downtrend (lower highs and lower lows).
A break above the 61% level, would be a positive for the broad markets.
The 61% level is a “Big Test” for the broad markets this week! Not a place that bulls would want to see a reversal pattern take place!