S&P500 - After breaking out from the medium term resistance near the 4170 - 4195 level has managed to highs of 4446. If the current retreat is confirmed by a break down below 4362, the retest of the 4170 - 4195 level is likely. This should make for a good retracement ahead of what could be a rally that can very well break past the recent highs of 4446.