Monday, August 14, 2017

SPX S&P 500 2-Hour Chart; Fibonacci Retracements

Here is a look at the 2-hour SPX chart with the blue lines showing the Fibonacci retracements for the move lower from 2491 down to 2437. Price popped through the 38% Fib at 2457 at the opening bell and now pokes around exactly at the 50% Fibonacci retracement at 2463-2464. If price moves higher from here it will seek the 62% Fib at 2470.

Price violated the lower standard deviation band so a bounce was on tap to the middle band at 2463. Bingo, the SPX taps the middle band. Watch this 50% Fib level at 2463-2464 and the 200 EMA on the 60-minute at 2459-2460. 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.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.