Quick Take: A Technical Look at the S&P 500, Fibonacci Style

Andrew Nyquist

fibonacci support

By Andrew Nyquist
I am working on a larger technical piece for tomorrow, but wanted to get something out there for the technical folks.

Below is a quick update on the Fibonacci support/resistance levels for the S&P 500.  The past couple days has the feeling of a falling knife and has many folks wondering where the market will find support.  I’d like to think the 1102 level (.382 fibonacci support) holds or at least slows the drop, but thinking a dip below 1100 is likely.  I am nibbling a bit  here and there on select stocks, but staying cautious.  Right now I am 70% cash.  But easy does it is my motto this week.  I will start buying in earnst when/if the S&P 500 falls below 1100 or starts to show some resiliency.

 

S&P 500 fibonacci support

 

—————————————————————-

Your comments and emails are welcome.  Readers can contact me directly at andrew@seeitmarket.com or follow me on Twitter on @andrewnyquist.  For current news and updates, be sure to “Like” See It Market on Facebook.  Thank you.

No positions in any of the securities mentioned at time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.


 

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.