The S&P (and stock market in general) is whipping around in volatile trading. The low for the day held a nice round number at 2500 (the low was 2500.72). The high extended to 2581.90. We currently trade at 2571.
The moves today have seen the price trade above and below its 100 hour moving average currently at 2548.14. That moving average will be a barometer for the bulls and the bears. If the price can stay above and move away, buyers will feel increasingly more confidence. The next target would be the 38.2% retracement of the move down from the February all-time high. That level comes in at 2650.89.
Should the 100 hour moving average giveaway to the downside, there could be further liquidation as the break above the MA failed.
For your guide, the rise off the low has taken the price up 17.79%. That is impressive, but even so, the gain is still below the 38.2% retracement of the entire move down. That puts the rally and perspective.