After hitting the 161% level the S&P500 has backed a small percent. SP500 could have created 3 bearish wicks out of the past 6-weeks, which is just below the key Fibonacci level. At the time of the current publication, the trade continues around the level of 2350. The structure of Call-Levels (2325 – 2300) keeps the index from falling.
The risk of further correction is seen as limited support in the area (2270 – 2249).