As expected 518 has arrived. Long is only above 524.5 levels.
For the rise from 508.6 to 524.11 AMEX:SPY has retraced 38.2%. At the moment it is below 9 and 21 averages. Exactly sitting at 50 averages too.
Since 100 and 200 averages are sloping upwards I expect strong support around 515-516 levels which is 100 average level and also 61.8% retracement for the fall.