SPCFD:SPX   S&P 500 Index
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Observation, - The monthly fib fan from the 2002 lows to 2008 highs traded the -0.113 fib fan as support and has been grinding up against the 0.618 for the last six month. Am looking to fade news spikes that show resistance on a 15 min time frame at the 0.618 or pierce it with good mm and a tight stop. A clear monthly close above the 0.618, would look to buy possible support on a back test of former strong resistance. However, with summer so close I believe price will either pullback or continue to grind up against the 0.618 fib fan. Truthfully I have no idea where this market is going, I call it, flip a coin.

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