SPX: 61.8% Fib Target in the Crosshairs

Despite the beating the SPX received on Fed day, the SPX daily chart is indicating the possibility of a higher low (with a higher close to confirm tomorrow), and an upward target has been created with the convergence of the 61.8% fib, the downward trendline and the upward trendline.

This intersection should act as a magnet for price action since the lows of 1470 (38.2% Fib) were tested and held. If the SPX can open and hold above the 50% 1490, then the next probable target to the upside would be 1511. With the volatility in the market this level could easily be reached by tomorrow or Friday if the market is able to get some good news as a catalyst.

SPX Daily Chart: