The S&P 500 E-mini future contracts have broken the trendline from the latest downside move. The Fibonacci retracement levels will be interesting to watch in the coming sessions if you get continued buying. The .618 retracement level will be interesting since it is just below area of resistance from swing in latest downtrend.
I have been watching the Fibonacci retracement levels from the all time S&P 500 highs to the dramatic March sell off lows. In particular, the .500 retracement level showed some resistance, but then became invalidated as the recovery rally continued to move higher. Now we have the .618 level showing resistance coupled with the likelihood of continued negative...
The .500 Fibonacci retracement area seems to be resistance for the latest move to the upside. I would expect negative economic and earnings data could lead to a push lower.
One the areas technical analysis traders were watching is the .500 Fibonacci retracement level from the February highs to the swift sell off lows in the middle of March. Today's rally did come close to this .500 level and was met with quite a bit of selling. Today's price action coupled with a shooting star candlestick formation created a bearish signal. We will...
