The S&P just popped out of a consolidation zone that lasted about a week.
In using Fib retracement it bounced back from its recent low up to a 61.8% retracement to the ATH before pulling back. If drawing another retracement from the recent low point of the bigger move this pullback only reached a 61.8% retracement. Given that the bigger move is between 38.2% and 61.8% which is more of a non directional position as it can go either way, the smaller move pulling back only 61.8% might mean this is only a profit taking pullback before the higher move. If it breaks the .618 fib of the bigger move on the way back up it might retest ATH.
In using Fib retracement it bounced back from its recent low up to a 61.8% retracement to the ATH before pulling back. If drawing another retracement from the recent low point of the bigger move this pullback only reached a 61.8% retracement. Given that the bigger move is between 38.2% and 61.8% which is more of a non directional position as it can go either way, the smaller move pulling back only 61.8% might mean this is only a profit taking pullback before the higher move. If it breaks the .618 fib of the bigger move on the way back up it might retest ATH.