Long term swing point has been hit
The S&P closed just above the long term swing point of 2641.00, this is 38% of the break from the all-time high and the 1x1 angle from the Dec 2018 low. It must now stay above this level to give us a upside target of 2930.00, this is 61.8% back to the all-time high and the 1x1 angle from the 8/6/2019 low.. Failing to stay above it, or trading above it tonight/tomorrow and closing below it, sets up a run at the lows again. The theory is the same on a 38.2% retracement whether it a 50 handle range, or 1200 handles, it can go for 61.8%, or new lows, so the swing from here is going to be 300 handles either way and that will be determined by tomorrows close.