As the 50% retracement level 4231 continues to hold, I guess we're all on easy street with nowhere to go but up.

To better assess whether a new bull market has begun, we can look at some technical analysis signals that have historically been effective in identifying major market reversals. One is the 50% retracement level. The S&P 500 Index flirted with that level of 4,231 on August 11 but ultimately closed above it on Friday as shown in Figure 1. In all bear markets since WWII, when the index has risen above that retracement level, it has been the start the next bull market rather than a bear market rally which eventually fell to new lows.
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