S&P is hitting a major Fibonacci retracement level right now at the 61.8% mark. I spoke briefly about it in my Daily Trading Plan from this morning, but I thought it deserved a second look. This is the second time we have tested this mark, the first time being back in April prior to the Summer Sell-Off. I think its a strong likelihood we’ll push through, but in the mean time, we could see the market consolidate some, and the bears provide some resistance before ultimately giving it up.
Here’s the Fib Retracement on the S&P.
