SPX at a Key Inflection Point. 2/1 will be very telling

With a strong close by the bulls today, $SPX finds itself at a key inflection point.

Today closed right at the 0.5 fib level from our Jan 4 high to our Jan 24 low. Coincidentally, the upper bounds of our ascending channel also lies around this price level.

If this is truly a lower high and a continuation of a bear trend, I would expect a rejection of this level into tomorrow's trading hours. This would provide further credence to the idea this is a bear flag

If the bulls take control and bust through the 4500-4530 level, it is increasingly possible the correction is already nearing its end. Watch 4600 for additional major resistance and confirmation of trend.

Stay frosty