S&P tests 38.2% retracement and bounces

The S&P moved to a low of 4302.70 today, and at the low the price of the broad stock index tested the 38.2% of the move up from the March 13 low. The retracement level comes in at 4302.15 – just below the low for the day. The prices since rebounded and currently trades up around 7.91 points or .0.18 percent at 4328.13.

Meanwhile, the NASDAQ index is also higher now after trading down -79.81 points. It is currently up 36 points or 0.28% at 13248.

The rebound in the broader indices comes despite yields remaining elevated (although off highest levels). The 10 year is up 7.3 basis points at 4.513%. The thirty-year is up 11.5 basis points at 4.636%. The respective highs came in at 4.53% and 4.649% respectively.

This article was written by Greg Michalowski at www.forexlive.com. Source