S&P 500 Fibonacci Levels
- S&P 500 is approaching the 50% Fib Retracement level.
- The index is also approaching the ichimoku cloud in daily chart.
- The traders who trade based on ichimoku consider a stock or an index as in bull market if it is trading above the cloud and in bear market if it is trading below the cloud.
- Now if the cloud resistance is broken we can expect the momentum to increase on the upside.