The S&P 500 index closed the week right on its 200-day moving average.  The index is trading in a 300-point range, bookmarked by the December low at 3746.49 and high, at 4100.96.  It’s positive the index has stayed above the December low for the month of January. 

The .382 Fibo at 3998.51 has established a key resistance level.  Watch this price point.