Fibonacci Retracement On The S&P Recent Sell-Off
So everyone is out there trying to guess how much higher this market will move before the next big leg down. And while I, by no means, believe this to be certain, and don't rule out the fact that we may have put in the year's bottom, I do recognize the global issues surrounding this market, and how the slightest hiccup in any of the financial markets markets, could reek havoc on the bulls for weeks/months to come. There's just no way to know for sure how much higher this market can go before running out of gas. However, check out the Fibonacci retracements, which combined with support and resistance levels on price, can help to filter out a lot of the noise this market is making.
The 50% retracement at 1253 on the S&P makes probably makes the most sense to me, as it also coincides with the resistance found from the March and June lows of this year. A push that high, and you should definitely consider scaling out of your long positions.
Here's the S&P Fibonacci Chart.