There are no guest posts in the hopper, so today probably won't be the wild and woolly new post every 37 seconds experience that you witnessed last week. So I thought I'd put up a post this morning and let it linger a few hours.
I noticed something terribly interesting this weekend when looking at my long-term charts: the S&P 500 has almost perfectly touched its 61.8% retracement level ranging from the October 11, 2007 high to the March 6, 2009 low. We all know that.
But what's more interesting to me is that, at the same time, the S&P 500 is also just underneath its 61.8% fan line spanning from the low of (wait for it.………) June 30, 1932. This is my mombo long-term set of fans which have, in my opinion, represented important areas of support and resistance over many decades.
The bottom line is that I think that, at long last, we may have finally have a clear, firm terminus to this countertrend rally. God knows we've waited long enough.
