S&P 500 holding at 1.146(3644) fib level support

After such a hard push to break the 1.236(2680) fib level yesterday the S&P is taking a breather today. It is still up there and finding support at the recent 1.146 fib level. I am not sure what today holds for the S&P. This could be the start of correction or it could be consolidating for another attempt to break the 3678 level.

Check out some of my other recent ideas for a better understanding of what is happening in the markets.

Hope this helps and good luck.

Comment:

Lunch hour rebound. In my experience (more often than not), if we drop in the morning then there will be a mid-day rally to "close the gap". The end of the day will then be down around the morning open if not lower.

Basically,
- Down in the morning, up mid-day, back down at the end of the day.
- Unless it is a "big" correction day, then it is a little down first thing in the morning, a bounce up around 10-11, and then down the rest of the day.
- Obviously Up mornings work in reverse.

Comment:

End of day and we had a test of the rising wedge resistance. Tomorrow will be interesting.

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8:50am Thursday. Just hanging out around that resistance line.

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11am. Still testing that 1.236 fib level. So far it has been rejected.

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What it looks like at the 5m interval.

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Here is what I see. Waiting for it to break through resistance and a test of new support. Otherwise, it may not break and retreat for more consolidation or give up. However, I doubt it will give up.

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3:15pm Thursday. Making a strong test. Can it break and hold it until close?

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3:43pm. Take that you bulls. Try again tomorrow.

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End of day. I don't know, but this looks like a setup for tomorrow to gap up. The bears came at the last second, but may be too little too late.

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Friday 10am. Bulls are right back at it this morning like I expected. Fighting to break the resistance line that has been set up this week. Lets see how the day plays out and if the bears bring the hammer at the end of the day again.

Comment:

Checking in after lunch. Looks like its "bulls on parade" and this irrational government induced bubble keeps on growing. I will check in at the end of the day to see if the bears bring the hammer near closing.