The rally in the last hour was a bit of a surprise given the lackluster buying the first 5 1/2 hours, but this shows us again how powerful that last hour of the trading day can be. (Reviewing the 15m chart today I see an inverted Head and Shoulders pattern that played out to the upside)
SPX 5m Chart (Inverted Head and Shoulders)
My bias is slightly bullish as it seems the market continues to be in a retracement mode to the upside so the next target above would be the 30MA on the daily at 1396 and then 1400 which is also the R2 resistance pivot area.
For support I'll be watching 1380 which is the area of today's lows.
SPX Daily Chart:
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