Quick intraday market comment on the S&P 500 market's key level touched this morning

Just a very quick comment at the momement: the SPY (the ETF for the S&P 500) moved up to 85.92, which is a test of the Fibonacci .618 retrace at the level of 85.78 (retrace from Friday's high to yesterday's low). So this now forms an important level to see whether or not it can push higher. It isn't the only level that the bears must watch, but very important.

Meanwhile, the VIX is down but not to new lows. The Dow Transports are up, and I've got to wonder if they will indeed test 3300, but we'll see; it isn't guaranteed. I would only look for that if the equities markets are able to push above Friday's highs.