The SPY has now reached the 38.2% Fibonacci retracement of the 9/18-10/15 drop, a level which may act as a stopping point for this counter-trend bounce. The next solid resistance is the former T3 support zone while the 94 area on the Q’s is both solid horizontal resistance as well as the 38.2% retracement of the Sept 19- Oct 15 drop. 120 minute charts below: