The next hurdle for the S+P 500 - will it get there?

On Friday the S+P 500 built on the gains it has notched up the day before and that saw the index extend further above a noted technical level, at 5,646.10 (61.8% of 6,147.43- 4,835.04). The index reached a new rebound high on Friday, at 5,700.70. It later closed out the week at 5,686.67, with another solid gain on the day of 82.53 points. So, were is the next technical rebound level? It is at 5,837.71 (76.4% of 6,147.43-4,835.04). So, as you can see, relative to the recent daily gains, that is not far off this week. However, overnight the S+P 500 futures have fallen back, with losses evening spread across the Dow Jones and the Nasdaq 100. Earlier this morning the S+P 500 futures were pricing the reopening later today below 5,640. It is currently priced to reopen around 5,650 and hence a further rebound towards that next technical level, whilst still possible remains uncertain