SPX in FIB Limbo-Land

The SPX continues to look good on the daily charts despite the pull back today, but it's found itself in the area between the 50% and 61.8% retracement area which is really a limbo area when it comes to probable direction. In many cases, if the price can't get above the 50% area the underlying will fall back down to the lows, and conversely, if the underlying can get over the 61.8% the probabilities are good for a 100% (or 100% +) retracement. Since it's stuck in the middle, keep your eye on this tomorrow to see if it's able to break above or below this level to create a bias. Expect lots more chop in the coming weeks as we get closer to the Sept. 18th Fed meeting.

SPX Daily Chart