Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Well this morning’s fade of the gap up didnt even wait until 10:30 AM – it faded premarket and in the first 5 minutes. The S&P 500 has now hit the full 61.8% Fibonacci retracement of the June-Sept 2012 move. If bulls are to make a move this would be the place. (Apple broke those May 2012 lows as well)
[EDIT 11:10 AM – we did get a quick bounce off this level of about 6 points as obviously a lot of people follow the Fib lines. However since then there has been some selling. A new break of that 1346 level later today – if and when – would probably cause some towels to be thrown in]
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