SPX — Bounce to Resistance?

It looks like Fibonacci timing for a low is kicking in, for at least a bounce on this daily chart of $SPX. The SPX is slightly higher, but has backed off 10 points from this mornings highs and 8 points from where I printed out the chart below.

If we can not clear the 10/18 high (1464.02) on the way up, we have to realize that this market is in trouble.

Also a break below my 9/4/2012 line in the sand (1396.54) would be considered pretty bearish. I have posted some SPX cash resistance for you on the chart below (first level is the 1435.96 to 1442.28 level). So let’s see what $SPX does against these key time/price decisions and trade accordingly!!

Carolyn Boroden