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)

Stay Tuned

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