Sunday, November 22, 2015
SPX S&P 500 Daily Chart Fibonacci Retracements
From the September-October bottom (treat them as the same low price level), to the November top, the stock market retraces down to its 38% Fib retracement at 2017-ish and bounces. The chart illustrates why you always want to keep an eye on the Fibonacci retracements for technical trading. If price would have fell a bit lower, the 50% Fib at 1988 would have been targeted. Instead, the 38% Fib held and the robots took over sending the stock market higher. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.