S&P500 holds the 38% retrace then back to the 50day SMA.......

S&P500 Dail Close @ 06/27/2013

Simple 38% retrace of gains since Nov. 2012 leaves the Benchmark in a 'strong' position to mount another 'assault' on the Highs @ 1687.
The 50day SMA has halted THAT Advance thus far; a 50% retracement of the Losses to boot!
If 1687 proves to be a Medium- Term High; the process of forming it may take time & frustrate 'all & sundry' before the larger correction unfolds (think: < 1474).
Sentiment #'s have declined back to levels that support a 'closer encounter' with the 1687 High than we have witnessed to date?