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Here’s an interesting chart for you: the S&P 500. What’s cool about it is that today’s mega-rally sent it precisely, and I do mean precisely, to the Fibonacci resistance line. If it weren’t for the fact I’m lying horizontal on a sofa, my jaw would be hanging open.
Have we maybe reached a medium-term peak?
Today probably marked the low for a bit……….those Fibonaccis are potent:
I’ll start off with a simple fact: on an intraday basis, today was the highest price level in the history of the Milky Way Galaxy on almost every major index. Also, today my entire portfolio was 25 short positions, and of those, 19 closed down and 6 closed up. Added to which, some of the downs were much meatier than the ups, the largest of which was 1.59% (versus -6.05% for the biggest down). The point I am trying to make is that carefully-selected charts can sometimes defy the market.
During Friday’s drop (which the media is characterizing as some kind of historic plunge, even though it was like 1.25%), the levels at which the equity futures slammed on the brakes was quite interesting to me.
For the /ES, I drew a line months ago anchored to the prior lifetime high (red arrow). On Friday, at the worst part of the drawdown, the /ES nailed this line almost to the penny and reversed higher (green arrow). It has pretty much undone Friday’s drop already.
