Stocks have absolutely soared. The S&P has blasted through the 3400 handle into the 3500’s. It is currently sitting at around 3504, where it should have some support from the psychological 3500 handle. A retracement is definitely overdue, since we rallied almost 300 points this month. Even a 50% retracement to 3379 (referring to October’s Fibonacci levels), would be reasonable. Other reasonable pullback levels would include 3419 and 3475, the 61.8% and 78.6% levels, respectively. Our Fibonacci levels are anchored from above at 3547, which will be a significant price target and significant level to break.

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