The market has rallied right into a very key technical level for short-term traders; that being the 21-day MA which usually provides strong resistance when it is in a negative rate of change. Stay tuned with 30 minutes left!
SPX closes at 1378.55 21-day MA: 1378.90 Also interesting to note: 1383.12 is a fibonacci 61.8% of the initial leg up off the lows at 1270.05 to 1368.55 Take .618 of 98.50 ( first leg ) and add that to the Jan. 28th pullback low at 1322.25 to get the 1383.12 target for the "measured-move". Also keep in mind that the 50% retracement of the move down off the mid-December high at 1498.85 to the low at 1270.05 = 1384.45 Today's high: 1385.60
Good stuff, Landis. I don't mean to state the obvious but if we get through 1383 there's huge resistance at around 1410.
Yes, a "full" measured-move would mean adding 98.50 to the low at 1322.25 which targets . . . 1420.75