That sounds about right. The 61.8% retrace of the recent decline from SPY 126.38 to 120.03 = 124.00. stockcharts.com/c-sc/sc?s=SPY&p=D&yr=0&mn=1&dy=0&id=p91033419580 http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=1&dy=0&id=p91033419580