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Want to see something cool? Sure you do! Let’s take a look at the heavily-traded emerging markets fund symbol EEM. I have drawn a Fibonacci Retracement form the Covid crash bottom (March 23, 2020) to the recovery top (incredibly, way back in February 16, 2021). Pay particular attention to the retracement that I’ve put in bold, which is at the 61.8% level.
What a weird day, huh? After the FOMC announcement, I got excited that we might actually have a big red day, but it was not to be. What I can say, however, is that looking at the equity futures, there certainly seem to be some quite a bit of important around the Fibonacci retracements, which are acting as attractants/support/resistance. Here is the weekly chart:
Well, one thing is for sure: the ES sure is respectful of its Fibonacci levels! It has become practically comic (and awfully cool) how the price action is banging between these retracements like a racquetball in a court. The entirety of Sunday and Monday consisted of a plunge to one level, a bounce all the way back up, then a partial drop, and yet another bounce to the same level.
Are they seriously going to make it this easy? OK, fine.
