SP500 50% Retracement Level

On friday, SP500 reached $1120 before falling to $1105. It's going to be difficult for SP500 to go above $1120 since it is 50% Fibonacci retracement from the low of this year. I'm pretty confident SP500 will touch $1120 level one more time this week but will not break this level. SP500 can only fall from this level and eventually, it will come back to $1120 at later date, sometime next year. Although it is less likelihood of occurring, but if for some reason the Bull becomes too strong and cleanly break $1120 level, then the stock market will continue to go up from here.