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It helps to step back and look at the big picture. Below is the S&P 500. I see three technical factors which give me comfort in my bearish posture:


  1. The Fibonacci fan line dating back to 1932 – – yes, 1932 – – which has had strong import over the decades as a support/resistance level;
  2. The 50% retracement level, as measured from the market's ultimate top to March's bottom;
  3. The 61.9% Fibonacci arc.

Yep, it's a trio of Fibonacci wonderfulness. A Neapolitan mixture of drawn objects. I like what I see.