SPX Targets: Rally to 2750 or Catastrophic Selloff?

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Should the SPX rally on Tuesday and beyond, the potential Fibonacci retracement targets taken from February’s high to Monday’s low are shown on the following monthly chart.

A drop and hold below the low could spark a catastrophic selloff to longer-term Fib retracement levels at 2030, or even 1700.

Note that there is a convergence zone of Fib levels and a trendline apex from 2650 to 2790, say 2750ish, making it an attractive eventual target for buyers in this extremely large 1200-point trading range.

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