SPX Daily Chart Fibonacci Retracements

Projecting the Fibonacci retracements after the long down move from 1420 to 1270 9red lines) shows price reaching resistance at the 38% Fib at 1326-ish, which is also very important S/R.  Then price continued higher and the 62% retracement created resistance at 1365 which caused a spank down.  Price mustered up further strength and printed another higher high at 1380-ish which is an extension of the regular Fibs using a 76% retracement. Typically, the Fibonacci retracements at 38%, 50% and 62% are the only three that matter.

The blue lines show the retracement targets based on the upward move from the 1270 bottom up to the 1380-ish top.  Over the last couple days, price came down and bounced directly off the 38% Fibonacci retracement at 1337-ish (blue circle).  The three support levels represented by the 38%, 50% and 62% Fibs are 1337-ish, 1323-1326 and 1310-ish, respectively, and will likely play a key role moving forward.  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.