S&P 500 (SPY) At 61.8%, Retrace
Actually, all three of the major indices, the S&P, The Dow, the NASDAQ have each retraced to (at or near) a Fibonacci 61.8%, level.
The daily SPY is shown above.
Taking away the Fibonacci retrace levels, then adding notations gives us the following:
It appears we could be at the right side of a Head & Shoulders top.
Price action rolling over from here, then bouncing around the neckline (before breakdown) would let us know, we’re in a significant reversal (not advice, not a recommendation)