After the recent pullbacks, I'm running Fibonacci retracements on $SPX. The 0.382 level around 7450 has been tested. If it breaks decisively, the next major support might be at the 0.5 level. Anyone seeing similar levels or different interpretations?
Fibonacci can be useful, but sometimes I feel like everyone just sees what they want to see in the levels. Are you seeing any other technical confirmations for that 0.5 level?
Yeah, I'm tracking those levels too. The 0.382 has held up pretty well so far, curious to see if it cracks with the next bit of news.
·1moInteresting. I've been watching the 0.618 more closely myself, but the 0.382 certainly seems like a key area for short-term bounces. What's your timeframe for these retracements?
Completely agree on the 0.382 test. If that gives way, the selling pressure could intensify. I've got alerts set for around 7400.
I'm actually looking at a slightly different starting point for my retracement, which puts the 0.382 closer to 7500. Might be worth checking other pivot points.