SPX Daily Chart Fibonacci Retracements

The Fibonacci retracements for the daily chart show price exactly at the 50% retracement at 1409. Price must punch up thru, or, collapse, from here.  If the bulls push price up thru the 50% Fib, then the 62% Fib is targeted next at 1423. The 50-day MA is here as well at 1426, so the 1423-1426 level should be considered as a strong resistance ceiling. Bulls have serious oomph if they move up and over this area.  Obviously, the bears want to see the 50% retarcement hold, and the downside to begin in earnest again. Also note the 38% Fib that gave way without a fight at 1396.  The 20-day MA is 1394. Strong support is 1391. Thus, a strudy support level is the confluence at 1391-1396 which would also serve as a magnet for price to test, where the bounce, or die, scenario will play out again. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.