Tuesday, March 24, 2020 4:57 AM EDT
Should the SPX rally on Tuesday and beyond, the potential Fibonacci retracement targets taken from February's high to Monday's low are shown on the following monthly chart.
A drop and hold below the low could spark a catastrophic selloff to longer-term Fib retracement levels at 2030, or even 1700.
Note that there is a convergence zone of Fib levels and a trendline apex from 2650 to 2790, say 2750ish, making it an attractive eventual target for buyers in this extremely large 1200-point trading range.
P.S. This was tweeted right after I published this post...(so, more "green shoots" in the making?)...
All of my posts (and charts) contain solely my own technical analyses/opinions/observations (which may contain errors or omissions) of a variety of markets and are provided for your ...
more
All of my posts (and charts) contain solely my own technical analyses/opinions/observations (which may contain errors or omissions) of a variety of markets and are provided for your information or entertainment only...none of it may be construed as financial or trading advice. I trade my personal account only...I do not manage a fund for other people. Please do your own "due diligence" before engaging in any trading activity.
No part of my Blog may be reproduced or copied and presented as your own material.
It is the sole property of StrawberryBlondesMarketSummary.com. The sharing of my posts, is, however, permitted, as long as the appropriate credit is duly given, and as long as they remain unaltered/unedited. To share them, however, does not mean that I endorse you or the site at which you choose to share my information (although, no doubt, your intentions are honourable).
less
How did you like this article? Let us know so we can better customize your reading experience.