So the S&P closed at 1144 yesterday. What does that mean? Not much, other than it closed at the minimum Fib retracement I mentioned yesterday.
What matters now is where it goes from here. There are plenty of options.
Some back and fill would be expected. Yesterday's low was 1115.68, which coincides with a 38% retracement from yesterday's high. As I mentioned yesterday, below 1102.95 would signal all was not well.
Above the 1149s could target the next larger Fib level, the 38% retracement, at the 1188 area.
1195.86, the last swing high, and 1200, round number, psychological resistance, are just beyond.
The big question is: does the market have the mojo to get to 1230? It felt a little heavy yesterday. Not as much spring in its step as I would have expected. Not as much volume. Nothing has happened yet to call it into question. But the day is young.
. . .
I feel solemn and privileged to type these words on a Mac. Rest In Peace Steve Jobs.
No comments:
Post a Comment