S&P index
S&P index got close to its 20% down level but bounced

All The major US stock indices are taking a breather after falling sharply this week. The major indices are higher with the NASDAQ index leading the way with a 2.2% rise.

A snapshot of the market 15 minutes into the open is showing:

Yesterday, the S&P index got within a few points of a 20% fall from the all-time high. Markets a move 20% from highs are considered in a  bear market  . The NASDAQ index which is fallen over 30% is already in a bear market.

The inability to reach the- 20% level is given buyers some hope that the correction is over.

Looking at the daily chart of the S&P, the fall did also fall short of the 38.2% retracement of the move up from the post pandemic low. That retracement level comes in at 3815.20. Holding above that level is also a positive from a longer term prospective.

PS. the move lower post pandemic, saw the S&P plunge 35.41% to the March 2020 low before starting the bull run to the January 2022 all time high. The correction off that high this year at around 20% is well short of that plunge.