After breaking the 76 and putting in a small retracement (Shorting opportunity) SPX has broken in the open and is now trading down very close to the 127 fib.
This is an example of the propensity for the 76 level to be an inflection point in the near term trend. Read more about this here.
Next we're looking at the 161 as our big break level. 127 is also a hold/break level but not one I use too much. A bounce from the 127 before a further move lower would not be uncommon and it's another place I'd short into a rally with stops above the previous high.
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