S&P 500 testing/breaking support trend line - only hit 1.4 fib
S&P 500 looks to be breaking the support trend line. This is a standard indicator that the market is moving to correction. Looks like the entire S&P 500 was being held up by the large tech stocks (not a surprise). Most of the big names like Google, Apple, etc. have hit their 2.0 fib levels and are moving to a cycle corrective wave just like the S&P 500 has been in since March.
Also note that S&P failed to hit 1.618 fib level, which is important. It means the force/energy/momentum is completely lacking for it to hit the standard 1.6 level. I discovered that this behavior also exists since the March bottom in IJR (small cap), IJH (mid cap), and XLU (utilities).
Also note that S&P failed to hit 1.618 fib level, which is important. It means the force/energy/momentum is completely lacking for it to hit the standard 1.6 level. I discovered that this behavior also exists since the March bottom in IJR (small cap), IJH (mid cap), and XLU (utilities).
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