S&P 500's pullback comes just shy of key Fibo retracement target
The S&P 500 looks set to pullback Thursday, after the previous session's 2.1% surge that took the broad-market barometer within range of the key Fibonacci retracement target of the October selloff. The index closed Wednesday at 2,813.89, representing a 59.6% retracement of the decline from the Sept. 20 record close of $2,930.75 to the Oct. 29 low close of 2,641.25. Fibonacci followers believe that if a retracement stops before clearing 61.8%, which would come in at 2,820.16 for the S&P 500, the previous trend remains in place. S&P 500 futures are down 0.4% early Thursday. Meanwhile, the Dow Jones Industrial Average has retraced 73% of its October selloff while the Nasdaq Composite has retraced 49%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.