The SPX hit the 38 % retracement today at 1100:
From this level the market rallied into the close. 70 handles within 75 minutes!
It looks like we completed wave [iii] today. I think we'll get a bounce at least to 1200 (open gap and 38 % retracement). My preferred target is at 1230 though which is the 50 % retracement level.
Short-term resistance is at 1170 and then 1200. Support is at 1150ish.
