S&P 500 Hits Next Fibonacci Target

04/06/2010 10:01 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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Stocks started off the week on a positive note as the S&P 500 reached the next Fibonacci target at 1184. There is further chart and psychological resistance at 1200 with further Fib targets at 1220. The 1150 area is still the key support level to watch, and a drop below it would suggest a short-term top. The A/D line is strong as it has made another new high, which is bullish for the intermediate-term trend. The McClellan Summation Index does look a bit weaker.

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