SPX at a Key Inflection Point. 2/1 will be very telling
With a strong close by the bulls today, 
SPX finds itself at a key inflection point.
Today closed right at the 0.5 fib level from our Jan 4 high to our Jan 24 low. Coincidentally, the upper bounds of our ascending channel also lies around this price level.
If this is truly a lower high and a continuation of a bear trend, I would expect a rejection of this level into tomorrow's trading hours. This would provide further credence to the idea this is a bear flag
If the bulls take control and bust through the 4500-4530 level, it is increasingly possible the correction is already nearing its end. Watch 4600 for additional major resistance and confirmation of trend.
Stay frosty
https://www.tradingview.com/x/zthdPRu9/
SPX finds itself at a key inflection point.Today closed right at the 0.5 fib level from our Jan 4 high to our Jan 24 low. Coincidentally, the upper bounds of our ascending channel also lies around this price level.
If this is truly a lower high and a continuation of a bear trend, I would expect a rejection of this level into tomorrow's trading hours. This would provide further credence to the idea this is a bear flag
If the bulls take control and bust through the 4500-4530 level, it is increasingly possible the correction is already nearing its end. Watch 4600 for additional major resistance and confirmation of trend.
Stay frosty
https://www.tradingview.com/x/zthdPRu9/
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