SPY/SPX held at 0.382 Fib as stated yesterday
With all the bad fundamental data, the brisk rally we saw to 0.382 retracement level is just a a bear market rally. Quick upside moves to a prior SNR leve and/or Fib level, usually both and then a resumption of the trend.
First target will be retest of lows around 220.
Best estimate for bottom is 160 to 168 based upon confluence of two Fib extensions along with support for late 2015-early 2016 support
With all the bad fundamental data, the brisk rally we saw to 0.382 retracement level is just a a bear market rally. Quick upside moves to a prior SNR leve and/or Fib level, usually both and then a resumption of the trend.
First target will be retest of lows around 220.
Best estimate for bottom is 160 to 168 based upon confluence of two Fib extensions along with support for late 2015-early 2016 support