Has 61.8% Stopped the SPY?

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The market has rolled its eyes and continued marching upward for most of the past twelve months, in spite of whatever trendlines, oh-so-extended wave patterns, Bradley Turn Dates, Biblical Cycles, Rainbow McHugh Phi Mate Dates, or God-knows-what-else has been thrown on a chart.

I still think there's a meaningful amount of utility in Fibonacci retracements, so I use them regularly. I notice that the SPY has bumped up against its 61.8% retracement. Only time will tell if the market backs away from here or continues to roll its eyes. This price level is also important since it represented support before all hell broke loose in the glorious salad days of Autumn 2008.