September 3, 2010

S&P 500 Fibonacci levels in daily chart

  • S&P 500 has erased most of the gains.
  • It is trading near 61.8% fib ratio of its recent fall from 1129 to 1039.
  • If the day ends like this or in the red. The candlestick that's developing is also a bearish one with long upper tail.
  • If the index manages to come back and trade above 61.8% value 1100 can be crossed.

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