SPX Targets moving forward (Sept 11, 2009)

There is fresh energy coming into the markets, not necessary fresh money. Traders coming back on vacation took the opportunity to buy aggressively when the market dipped to 995...and hence a rally ensued with greedy looking green candles...

Based on the technicals on the SPX chart, there is a confluence of "Fibonacci level - Weekly Pivot Point Level and Resistance Lines" between 1047.16.22 - 1056.30. Note that if tomorrow... SPX goes above 1047, it is likely to attempt 1053 as pointed out by Fujisan.

The next key area to watch if 1056.30 is breached with conviction is 1073.67-1078.98 another confluence of "Fibonacci level - Weekly Pivot Point Level - Weekly 100 EMA" between . That perhaps won't happen tomorrow.

Here is the weekly chart of the SPX: