SPX Update: Target 1 Captured

On Wednesday, SPX tagged the first noted overhead resistance zone, then reversed and dropped straight down to capture the upper edge of Target 1:

Note that yesterday's low was again represented by a horizontal support zone on the hourly chart:

In conclusion, Target 1 is now captured -- since it was the upper edge of the target, that gives bulls just a little wiggle room to try to put something together... but as explained on the first chart, much below the 3160 zone and we may be headed toward Target 2.  Trade safe.