Does it feel like the market is stuck? Like it’s in even more than a tug-of-war than usual? I think so. And I think I know why. Take a look at this /ES chart going back for years. Take particular note of those Fibonacci Retracement levels.
Now zoom in nice and tight. You see where we are? PRECISELY, and I mean to the PENNY, at the retracement. It’s acting like a supercharged magnet. Until something BIG happens, the bulls and bears and going to keep punching each other in the face and screaming at each other.
This is why I remain in options with a TON of time. Hell, I’ve even got stuff for the year 2024. I believe in my long-term patterns, but I don’t want to bank on things happening, let’s just say, tomorrow.
My point is that these retracement levels are very important, and the market’s exasperating behavior makes abundant sense since NEITHER side has control.
