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OK, this feels different.
In any case, this is true progress, and I want to stress how a “chart-friendly” market definitely goes BOTH ways.
I hardly ever use Fibonacci retracements on my charts, and Fibonacci arcs even less. For the crude oil continuous contract, however, I use both.
Alphabet (AKA Google) has had a rough three days, falling each day since its earnings came out on Monday. I noticed something interesting, however. Thursday’s low came precisely at the Fibonacci fan line.
In last weekend’s article, we focused on the relentlessly advancing S&P 500 (SPX) from its December 26 low at 2346.58 into an important Fibonacci price and time resistance zone at 2713.70 on January 31.
The 2713.70 level represented a 62% SPX recovery of the entire September-December decline, while January 31 represented day number 89 since the September 2018 all-time high, and the day that the December-January recovery rally time period equaled 38% of the overarching total timeframe from the September high.
We discussed the likelihood that the confluence of such meaningful Fibonacci price and time relationships could and should stall or reverse the relentless SPX six-week advance, and as such, would be a yellow caution flag for the bulls. (more…)
The market was all over the placed today, and I noticed on my /ES chart a horizontal line that seemed to have significance. I was so occupied today I didn’t bother trying to figure what it was while the market was open, but it bounced off it (green tint), fell hard once it slipped beneath it (cyan tint) and then went zipping back up to it right up to the close (magenta tint).
