July 27 Market Recap - SPX bounce of the 50% Fib level

SPX rallied yet another day, bouncing off the 50% Fibonnaci retracement level. Chart below shows the 15min bars. I think there is some loss of steam here. If that leads to a selloff is yet to be seen. Today, the market shrugged BP's huge writeoff and a decline in Consumer confidence. The news might overhang tomorrows trading.