38% retracement on the S&P 500
From its peak in September- October at around 2920, the SPX dropped all the way to 2350 in December. The current rally from this level suggest that a 38% Fibonacci retracement would bring the Index to around 2570. We are almost there. That level is also a strong resistance. The 2570-80 level acted as a support in February, April and May of 2018.
It suggests that the strong V-shape rally that has taken place lately will probably fade. A time correction is needed.
It suggests that the strong V-shape rally that has taken place lately will probably fade. A time correction is needed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.