We've breached the SPX 1100 and are now resting right on the daily MA(200). At SPX 1120 is the 50% retracement level from the high of 2008 and the lows of 2009. The current levels nearness and the large time-range for the Fib, it seems that we shall definitely rally to it. The big question is whether we shall continue beyond it or sell off from it. The markets have rallied hard the last few days and are overbought, market internals are lagging the current rally. Which hints at better odds of a sell off as we touch SPX 1120.
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