Blue lines- Fibonacci extension targets
SPX is on positive grounds today and after a short-term pull back towards 3,880 where a higher low was formed, price is ready to break to new short-term higher highs. Short-term trend remains bullish as long as price is above 3,760. Our next upside target for SPX is at 4,140 where we find the 100% Fibonacci extension of the first leg up. Short-term support is at yesterday's low at 3947. Yesterday's daily candlestick has long lower tail and suggests that it would not be good for bulls for price to break below yesterday's low.
