Dear all, this will be one of my shorter posts. In my last I noted that this market is difficult to read but now I can say with a higher degree of confidence we will be headed down in the near future. From the chart we see that in the past few days as well as roughly a month ago that the 0.786 Fibonacci (derived from the 1/26 - 2/8 crash) has served like a glass ceiling of resistance. Even if SPY is able to break this level I see 283.# as max upside based on my trend line, general research, and expert opinion I will not rehash for the purpose of brevity. One other note I want to make is a very interesting RSI consolidation visible by two yellow trend lines. With regards to RSI it is also notable that we have witnessed negative divergence recently; when we do break this wedge I think we will break to the downside. Your guess is as good as mine as to how far we will drop (potentially a retracement to 270 on the shallow end or 245-8 on the deep end) but I will definitely be looking to Fibonacci support levels visible and not visible from the chart above when that happens...
Good luck, questions and criticisms are welcome
Good luck, questions and criticisms are welcome