Here on Slope and on my tastylive show, I’ve been mentioning the tremendous sway that the Fibonacci Retracements have on the /NQ futures. Well, God bless ’em, they are performing as predicted.
Tech Trio
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Incredible Fib Accuracy
Even though I haven’t touched crypto since 2021, I remained stunned at what a chart-friendly creature it is. Most recently, I called for the rapid ascent in BTC to poop out at the Fibonnacci level. Take note what a good job the Fibs did for both support (green tint) and resistance (magenta tint). The recent “repulsion‘ was particularly incredible, with an accuracy of 100.003%.
Facebook Reaches Fibonacci
You’ve had your fun. You’re done.
Rold Faithful
In spite of the surge in interest in buying every stock on the planet, one particular item has continued its regular downbeat: IYR, the real estate ETF:
Smack Dab
As I am typing this, the /ES is up over 70 points, and the bulls are, once again, prancing around and high-fiving each other. No problem! I am steadfastly maintaining my 20% cash balance. The only crazy position I’ve got is a bunch of SPY March 17th puts, which are at the moment down 46% (hey, they were down 62% before!). I find it quite interesting that the /ES is precisely at the 50 yard line, so to speak, between the two major Fibonacci retracement levels.
