Short Term S&P 500 Bounce and Re-Test (06/08/2007)

From a short term perspective, the S&P 500 should continue to bounce to the 50% (1514) or 61% (1520) retracement levels and then retest the 50 day moving average lows. This 50 day moving average (speculation) may not hold.

The tools at StockCharts.com were used.