s&p500 correction setup?

FX:SPX500   S&P 500 Index
s&p500 rejected the 38.2% Fibonacci retracement and 50 day moving average with a strong bullish engulfing or key reversal candle. Despite this high momentum rejection of the 38.2% level, it may pay to keep in mind that the move to the 38.2% retracement is often just the first leg in a deeper correction. Signs of this rally peaking below the recent high might be significant.
another thing to keep in mind is divergence on the monthly chart, and the potential to push onto new highs on low volume , over the next days and weeks the 2140 level will need to be watched closely for either a convincing break or rejection


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