Chart of the Week: S&P 500 Index Fibonacci Retracement

The S&P 500 continues to struggle at a 50% retracement level (blue line and red arrows) from the 1999 highs to the recent lows. This also coincides with resistance levels that we highlighted.

S&P 500 Index Fibonacci Retracement
Source: Technimentals

Given the robust sentiment out there it is likely to turn our to be a tough area to work above. Additionally, after May seasonality turns neutral to bearish.

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Quote of the Day:
“Good judgment comes from experience . . . Experience comes from bad judgment.”
Barry LePatner

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