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The S&P 500 (SPX) is right at a price zone pointing more towards a meaningful give-back in the short-term. This zone of resistance can be viewed through the Fibonacci price and time relationships on the daily SPX chart.
As the chart shows, as of Friday’s close, the SPX resided approximately 16% above its late December lows, amounting to an exact 62% Fibonacci recovery of the entire prior decline from the Sep 21 all-time-high at 2940.91 to the Dec 26 low at 2346.58.
The eight charts below are all ETFs which I believe are intriguing short-sale candidates, depending on how we open Monday. As always, I’ve tried to make the charts self-explanatory by way of the mark-ups. Click on any chart to see a bigger version. The symbol and ETF name are in the upper-left corner.
The eight charts below are all ETFs which I believe are intriguing short-sale candidates, depending on how we open Monday. As always, I’ve tried to make the charts self-explanatory by way of the mark-ups. Click on any chart to see a bigger version. The symbol and ETF name are in the upper-left corner.
