The S&P 500 traded above the last key Fibonacci level (for my purposes) on an intra-day basis, but could not hold it into the close.
It's put up or shut up time for the Bulls in my opinion. If they can get above Wednesday's highs, we should see another new high pretty quickly as the SPX heads to the 1230 level. If not, and if this 78.6% Fibonacci holds, we could be on our way for a nice size pullback.
