Here's where it get's interesting

So, provided Friday was the "bottom" of the most recent correction, here's where the S&P500 Index stands on a weekly basis since March of '09:Price has put in a higher low and sold off around 6.3%. Fairly average in the context of the '09-'10 rally.
Off of Friday's low, price has recovered nearly 40% in two days. Directly overhead is a key level of potential resistance wedged right between the 50% - 61.8% retracement zone, the convergence of the 20- & 50EMA's (Yellow and Red line) and for argument's sake of which is better, the Exponential Moving Average, or the Simple Moving Average, I've included both (20- & 50-SMA are in Green and Blue).However, we have seen this before....there was July '09, when price blew right through this confluence.
Everyone seems to be anticipating January 19th as being the "top," but there's a fine line between retracement off of a momentum move and a (yet another) run-the-stops short squeeze up to fresh highs. It shouldn't be long before we find out which it will be.