Time to buy the sp500?
Stocks caught a risk on bid yesterday due to the reversal in FED rate expectation of 50 basis points dwindling down. This help stocks to retrace the the selling in the month of January and have we have settled into the key 50% retracement from the most recent highs to the most recent lows. The fib levels have provided clear levels for us thus far and will likely continue to find more support and resistance around them. On the upside today, watch out for the next fib level to the upside at 4500 or back down to yesterdays breakout consolidation point at 4450*. Big ISM data point releasing today should set the tone for risk at the morning sessions develops.
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