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Here’s a look at the S&P today. The daily chart of the cash S&P 500 is used to illustrate a new set of Fibonacci extension targets activated today. The .618 is approximately 113000 and the .750 is approximately 114000.
The weekly chart above shows the major downtrend line formed across the intraweek highs from the week of October 8, 20007 and May 19, 2008. It also shows the Fibonacci retracement levels where it is currently very near the .500 mark of approximately 112100. (A note to add here is that on the daily chart that downtrend line is shown to be broken slightly today).
So there could be a bit of a fight to be waged at these levels. To negate the extension targets the cash S&P 500 needs to get back below 108450 or so particularly on a closing basis.
Fed Chairman Bernanke’s speech this morning, which initially caused a reactive sell-off, ended up fueling the bullish fire of the day.
On CNBC this afternoon, though, Meredith Whitney voiced her opinion of which one of the highlights was that she “hasn’t been this bearish in a year.” We recall rather well how she nailed her forecast on the banks some time ago.
Until further notice, however, the major stock indices continue their upward push with traders and or investors seemingly chasing perceived value.
Good trading to all
Jeff
CB&S
Futures and options trading contain substantial risk of loss and may not be suitable for all investors.
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