Jul 27th- Still Feeling Giddy?
Interesting thoughts I put together.
At 1121 the SP 500 will be at the 50% fib retracement of the 2007 high to the 2009 lows.
At 1130, the SP 500 will have re-traced 61.8% of the April highs to July 1st lows in an A B C fashion
At 1130, the SP 500 will hit the June 21st pivot highs which was a 90 point rally off the 31% Fibonacci retrace low at 1040.
At 1130, that would be a intersection with the 50% Fibonacci re-tracement of the February lows to the April highs.
The McClellan Oscillator has not been this overbought since January 9th, 2009…. which precede a major drop over 8 weeks… the pattern in the SP 500 leading to January 9th looked nearly identical to this recent multi week pattern.
Thursday, July 29th is 21 fibonacci days since the July 1 low
This chart also should give one pause after this rally (Click Below for Chart)
CLICK HERE FOR SP 500 CHART VIEW
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