The S&P 500 benchmark index is 40 points away from 2.618% fib extension. The trend is clearly up with a rising moving average line under the index levels.
Below is a monthly chart of the S&P 500 index on a semi-log scale. The trend is clearly up with a rising moving average line under the index levels. A fibonacci extension from 2007 high to 2009 low gives a target at 3047 (2.618%) or 40 index points above the current level. I expect the index to at least pause there. Note how the index stopped right at the 1.618 extension level in 2015 before going higher in 2016.
The analysis provided here is usually part of the analysis the author uses when he is designing and managing his investment portfolios. Disclaimer: The analysis presented here is for informational purposes only. Readers are solely responsible for their own investment/trade decisions.
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