SPX 500 - "Zone" Test still on Hold

The Index price of the SPX 500 continued upwards after the open and tested the Fibonacci Level [ FL ] 1321.09 as well as the common upper boundary of contracting triangles C-A and CT-B . At 1324.14 the Price reversed and dropped back down to test the UTL as well as the lower boundary of the CT-B  that has been formed within CT-A .The UTL as well as the lower boundary provided the needed support and the Price reversed at  1310.50 where it also tested the sub FL 1309.99 .

The Indicator the  Birds [ www.theidiotandthemoon.com ]  [ CCI 6, CCI 20 and CCI 50 ] are all rising . The CCI 6 reached 131.87 with the CCI 20  [ @ 81.52 ] and CCI 50 [ @  78.01 ]  rising towards the +100 level .  A bullish condition  that indicates that there is still more upside before we get a reversal that will eventually take the Price back down to test the "Zone" . The 60 Minute Indicator  EMA 5 / WMA 13 is still rising  confirming that the way, for now,  is up.

In summary, while the Index Price is still rising caution is the word of the day. In the next session there should be a test of of the FL 1321.09 as well as the common upper boundary of CT-A and CT-B. If there is a successful break to the upside then the FL 1339.10 becomes the target .  Should the Price reach that level I would expect a reversal that  will mark the end of this retracement . Now the pessimistic gviewpoint, for the Bulls, is that the Price will reverse after a test of Fl 1321.09 and the upper boundary of the CT's .  One final point - remember it is an "Icarus" retracement.