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Friday, April 27, 2012

SPX update

The market pushed a little higher today, but lost momentum going into the close.  After 4 days up in a row we may see a bit of a pullback Monday morning.  Today's high came at an interesting level.  Check out the chart.

As you can see from the Fibonacci retracement lines on the chart that SPX stopped at the .786 retrace level.
That and the .618 are the only levels I care about.  When markets make a lower high or higher low they often do it right near the .786 level.  I have seen it called a crown or gatekeeper pattern.  Since we stopped there, we have to watch for that over the next few days.  If we end up going back through my green line at 1393, I think we will keep going.  Until we close above today's high keep a close eye on things, just in case.


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