S+P 500 rebound on Friday is not conclusive

The S+P 500 index fell to a new interim low on Friday, just as the European markets drew to a close. The S+P dropped to a low at 5,666.29. However, it then got something of a boost from comments by the Fed chair, Jerome Powell. That was rather odd, as Powell made it clear; the Fed is in no rush to cut rates again soon. Nevertheless, all the US stock markets bounced into the weekend and that saw the S+P 500 lift all the way back to 5,783. The index later held most of that rebound, when it closed out the week at 5,770.20. However, the reader is once remained about the price point at which the index will enter correction territory. That would be a 10% fall from the record level at 6,147.43- (5,532.68). That is certainly by no means off the radar again this week. Overnight the S+P 500 futures fell back and at one stage were pricing the opening very close to 5,700. It is currently priced to reopen around 5,739