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?
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?