SPX: 23.8% Fib, Don't Get Too Excited Yet

It's been quite a rally the past 4 weeks, but when we pull out to look at the bigger picture on the daily charts, the SPX still hasn't even made it back up to a 23.8% retracement of the big move down yet. That means it's still in the bottom 25% of the chart which still must be viewed as weak.

The short term trend is up and we have to respect that, but also realize the intermediate trend is still down and there is a lot of overhead resistance ahead. If the market can hold up here it may be a great area to consolidate again if it can hold above 800.

SPX Daily Chart: