S&P holding support and the 38% Fib line.

Very constuctive action today on the S&P 500. It rallied smartly with an almost 2 to 1 positive breath shrugging off negative news in the subrime lending space http://www.marketwatch.com/news/story/mt-slides-mortgage-woes-first/story.aspx?guid=%7BEB5A4602%2D15FC%2D443B%2D98E7%2D9A1508F65D59%7D&siteid=yhoo&dist=yhoo Support at 1415, the high of 2/28 is holding as well as the 38% fib line at 1410. We could very well be working on an abc up formation with a 1:1, 1480 projection.