Fibonacci Magic on the SPX

A nice little pull back today on the SPX and as you can see on the chart we bounced on the 50% retracement line from the bottoming candle we had on May 30th. If we move up tomorrow we'll probably get our first resistance at 1535, but if we can move pass that area our next target would be to hit and hold 1540. On the downside we'd look for support at 1529, and we have some trendline support in the 1525 area. Trend is still up, and if that is all the bears could do today then probabilities are to the upside. (click chart for full size view)