S&P 500 - Dangerous If Weakness Takes Place At This Level

(Click on image to enlarge)

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!