Quick Fibonacci Retracement Guide for Current Market Levels
I wanted to provide a quick Fibonacci Retracement reference guide for short-term levels in the Big Three US Equity Indexes (Dow, S&P 500, and NASDAQ).
Without further delay, let’s focus on the key Fibonacci Levels we can incorporate into our trading and analysis:
I’ll simply refer to the reference levels in this post – be sure to incorporate them into your current planning.
The two upper levels for the S&P 500 include the 1,973 “50%” level along with the upper target of 1,984 (61.8%).
We’re focusing our attention now on the 50% line which could serve as today’s inflection point (resistance).
However, a further breakthrough above here opens the market to lay for 1,984.
Dow Jones Industrial Average:
Similarly, the 50% line for the Dow intersects 17,012 while the upper “breakout” target aligns near 17,100.
Finally, the NASDAQ Composite:
Like the S&P 500, the NASDAQ may find resistance into the 50% level today which aligns near 4,490.
However, on an extension rally breakout, the target extends to play for 4,517.
Again, this is a quick reference post but one you can use for planning short-term trades as price travels toward or away from key levels.
Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
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