For the S&P 500, the 61.8% retracement of its 1,161.38-point drop, on a closing basis, to the April 9 low comes in at 5,700.50. Since Fibonacci levels offer a point of reference during uncertain ...

While the sell-off has been steep, it corresponds to only a 38.2% Fibonacci retracement of the rally that started at Nov. 4's low of 49.5 cents through the Jan. 16 high of $3.40.

The benchmark index has flirted with - but has so far failed to close above - a key Fibonacci retracement target. Until it does, the downtrend is still alive. Is the S&P 500 index's recent rally ...