A few days ago, I wrote about the remarkable Fibonacci levels that had been defined around the SPY. I noticed that this morning’s low perfectly tagged the 78.6% level (which, last week, acted as resistance for a couple of days).
My view is that important resistance at the gap, represented by the red arrow, will not be breached. The key at this point, clearly, is to get back to the other side of that Fib level so we can start the march toward 503.97, the next Fib down, and a healthy 300 /ES handles away.
