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Fibonacci Target for S&P 500

|Includes: SPDR S&P 500 Trust ETF (SPY), SPY
We've previously mentioned the long-term retracement rally that the market is having from the September 2007 highs to the March 2009 lows.  You can see the S&P 500 (SPX) Weekly Chart below with Fibonacci levels drawn from the High and Low retracement.

The market struggled a bit around the 38.2% retracement, but looks to have overcome that.  The obvious next target is a 50% retracement, which is 1121.  Keep an eye peeled as we approach that level.  The current rally looks to have easy upside to there, but that is a logical place for a pause and/or reversal lower.

Moby Waller,
BigTrends.com

1-800-244-8736

Disclosure - None