The short-term market correction that we have been warning about over the past 2 weeks continued with a vengeance on Monday. On Wednesday, the S&P 500 found support at the middle price band (at 1042.62) on our system’s daily chart and closed just above it at 1042.63. Thursday’s positive GDP news provided the catalyst which sparked a nice rebound rally, but the strong reversal day on Friday, which took out Thursday’s lows, suggests that the correction may still have further to run. Our system’s Fibonacci analysis indicates support at 1035.35 on the daily chart, but next week’s market action will tell us whether or not this support will actually hold. If this support level is broken, the next major support level will be at our system’s middle price band on the weekly chart of the S&P 500 – currently at 1003.15. For more info, visit us at: www.ProtectMyRetirementAccount.com.
S&P 500 Precariously Perched at Support @ 1035.35
Tags: Fibonacci analysis, Fibonacci support, market timing, short-term correction, support, technical analysis
