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.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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