S&P tests 38.2% retracement and bounces

<p>The S&amp;P moved to a low of 4302.70 today, and at the low the price of the broad stock index tested the 38.2% of the move up from the March 13 low. The retracement level comes in at 4302.15 – just below the low for the day. The prices since rebounded and currently trades up around 7.91 points or .0.18 percent at 4328.13.</p><p>Meanwhile, the NASDAQ index is also higher now after trading down -79.81 points. It is currently up 36 points or 0.28% at 13248.</p><p>The rebound in the broader indices comes despite yields remaining elevated (although off highest levels). The 10 year is up 7.3 basis points at 4.513%. The thirty-year is up 11.5 basis points at 4.636%. The respective highs came in at 4.53% and 4.649% respectively.</p>

This article was written by Greg Michalowski at www.forexlive.com.