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S&P Retracement Fibonacci Levels

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March 07, 2012 – Comments (0) | RELATED TICKERS: SPY

The S&P is trying to retrace some as we have seen over the past few days. Typical fibonacci retracements gives likely retracements of 38.2% and 50%. A strong correction takes us to 61.8%.

The likely landing spot corresponding with these retracements are 1261, 1225, and 1190. All three of which would represent strong corrections...but hey....the more you stretch a rubberband the hard and faster it contracts. With the rally off of the October lows until now, a strong correction shouldn't come as any surprise. 

Here's the chart with Fib Retracements

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