
The S&P500 finally worked its way back above 3000 today, and in the process has cast into question the likelihood of a second wave down. In the sight of all doubters, price has pushed through the 61.8% Fibonacci retracement of 2920 measured from the February highs to the March lows. Many (myself included) considered this zone to be a likely area of resistance, commencing another leg down as the economy digests the epic damage done to commerce over the last three months. As a last gasp, bears are hoping that the 200 day moving average (where priced closed today) brings out the sellers.