S&P bouncing along - 200 points drop likely?

SP:SPX   S&P 500 Index
152 0 6
Last week was a big up and down and after Fed's Dudley initially down talked a potential rate hike, Friday's job numbers make the rate hike more likely again. Although job creation slowed, the unemployment rate dropped below 5% and average earnings saw a huge rise which lead to a Dollar rally on Friday and the S&P 500             tanked. Markets are eagerly waiting for Yellen's comments next week.

From a technical perspective, the S&P500             showed a precise 50% Fibonacci retracement and immediately started selling off again. 1870 is an important level but given the current situation, a break is likely. The next target is at 1820 to the downside - which is the 0 Fib. The 161 Fib-extension target falls into 1640 which would be a 200 points drop from current levels.
I am trading Forex for 10 years and 5 years ago I quit my corporate job to travel the world

> Introduction to my trading method:

> Free blog: www.tradeciety.c
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out