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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Beach

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IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains
with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance

Monday, April 02, 2018

S&P 500 Index Over-Extended on a Fibonacci Basis

* See UPDATE below...

The following monthly chart of the S&P 500 Index (SPX) simply shows the monthly closes from its inception.

January's (2018) close of 2823.81 nearly tagged its long-term 140% trend-based Fibonacci extension level of 2836.

As of 2:03 pm ET today (Monday), its price is currently below its 1.27% Fibonacci extension level of 2625.

Failure to recapture and hold 2625 could see price eventually decline further to 2220 (its 1% Fib extension level), or lower to around 2100, due to a lack of major price consolidation support below its current price until then.

In my post of March 29, I had mentioned that:
  •  2632.91 was near-term resistance (which, essentially, lines up with the above-mentioned 1.27% Fib extension), and
  • 2585 was near-term support and that if that failed to hold, a retest of 2460 was long overdue. 

Further equity weakness/volatility gauges to keep an eye on are detailed here.



* UPDATE April 4 @ 2:19 pm ET...

2625 has been tagged. Will it hold?...we'll see. Will this ever-steepening 9-year rally hold without a major correction?...we'll see...