Whoa, doggie, look at that. The S&P 500 comes up to exactly kiss the 50% Fibonacci retracement at 2645 and then settles for the day at 2636. On the first try to overtake the 50% Fib, price receives a spank down. Bulls must overtake the 50% Fib to then set their sights on the 62% retracement up at 2715 (this is in the neighborhood of the critical 12-month MA at 2723).
As of right now, the stock market has retraced exactly one-half of the down move from 2941 to 2350. 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.
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