Something Interesting About The S&P500
|This weekend the S&P 500 Index reached a significant level hitting the 1.618 fibonacci expansion of the move up from the December 2018 low and the subsequent high at a price of 3329.
Here is a second interesting fact.
The low after the Global Financial Crisis came in at just over 667.
Multiplying that figure by 5 takes us to the levels shown in the chart below - 3327.
Both these levels were hit over the holiday weekend when we also had a Market Timing Report turning point.
If it wasn’t for the repo situation I would say we are at overhead resistance.
Watch the market carefully!
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