The low close on the S&P 500 was 776.76. The close this past Thursday was 998.51. This gives a range of 221.75. I take one third of this range and 73.92. Subtracting 73.92 from 998.51 gives me 924.59. The 50 day moving average is currently 926.68. The combination of points presents the first major area of support for the S&P 500. This support is dynamic as the 50 day average changes daily and the high point can increase.