SPX we make one more attempt past 4600 or just roll up and fall?

5 août 2023

This chart measures from the low of June 26, 2023 to the current high for the year at 4607.07. There is initial Fib support at 4434.75 and below there at 4387.75. The Fib halfback [usually ignored in such studies], sits just above 4467.50. Do we respect these support levels trading into the week ahead or are we falling below into the 4300-handle? The selling from Apple's earnings and being widely owned threw a curve ball to the bid yesterday that was running higher on the back of a stellar report from Amazon while dealing with the emotions following Apple's not so exciting report.

My gut feel is that we still have a bit more left on this leg higher before collapsing if we are able to hold the levels mentioned above.