The market never got to the 38% Fib level yesterday before it turned. So it's currently showing some buoyancy.
What I found amusing was that yesterday people were retweeting an article from Marketwatch called 10 Signs Your Stocks Are About To Tumble right as the market was finding support. Today, the same writer delivered 10 Reasons To Run With Wall Street's Bulls as a companion piece.
Investors who get their ideas from journalists are doomed to be jerked around indefinitely. Investors should focus on developing trading plans that suit their goals.
"When you add a goal to the enjoyment of what you do, the energy-field
or vibrational frequency changes . . . you will feel like an arrow that is moving toward
the target -- and enjoying the journey."
~ Eckhart Tolle
Any rally above 1558.73 will close off the potential for bearish impulse to much lower levels. A further corrective sequence could occur, but it would most likely only provide a better buying opportunity. New highs would likely follow soon.
If 1558.73 holds for some reason, today's rally could flip around, possibly with the Fed meeting as a catalyst.