It was pretty clear that Memorial Day Weekend was going to be a very green one when Ethereum hit its support around $1700 and cheerfully bounced higher.
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Of course, the best of ALL possible worlds would be for the equity futures to get this Fibonacci business out of the way and done with BEFORE the real market opens on Tuesday. I must say, we might be heading in that direction. Here we see the S&P 500 futures within spitting distance of the target. We got above 4,200, which is damned close.
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The Russell has overshot its a bit (although I hasten to point out that Fibs aren’t concrete walls, they are zones; take note of what happened on the left side of this same chart):
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And, boy oh boy oh boy, the Nasdaq is picture-perfect. Just look at that! I’ll also point out I took these screenshots more than an hour ago. As I’m typing this, the /NQ is up merely double digits, having backed off 108 points from its overnight peak.
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Of course, it’ll take a day or two to see if this whole Fibonacci resistance thing works out. Hope springs eternal in the bearish breast.
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