JimMakos
Long

S&P 500 and Fibonacci Extensions. Will it make it to 2,100?

INDEX:SPX   S&P 500 Index
896 1 0
http://goo.gl/rOoSvk You know how much I like Fibonacci extensions! Does SP             500 like them too?

Today most of my US stocks in my portfolio are losing money. So I thought to check out the S&P 500             chart dated back to 1999, in case the index is approaching a dangerous resistance level.

Given the uncharted waters SP             500 is trading in nowadays, I use Fibonacci extensions regularly in such occasions to try finding hidden resistance levels.

I used the 15-year low and the key resistance level to draw them on the chart. Under normal circumstances, I would pick a more profound retracement of the index . Yet, SP             500 rally hasn't slowed a bit for months!

What do you think? Can S&P 500             reach 2,100 before it pulls back to the 1,500-1,600 area?
PeterT
2 years ago
in 2000 the SP500 pull back 47% from the top and in 2008-09 pull back 55%... so if we get to the 2100 area untill the end of the year we can see the SP500 test the 1000-1100 area, a pull back of 50%
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