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FIBONACCI  |  May 19, 2016
S&P 500 At The Crossroads
Will important support hold? The Fibonacci .236 retrace level for the S&P 500 (SPX) February-to-April rally is at 2040.03. On May 6th, the SPX hit 2039.45 and proceeded to rally for three days. As of the close on May 13th that rally has been almost completely retraced, will the support zone in the area of SPX 2040 hold? If not, where is the next important support zone? As of mid-May 2016, the SPX is at a decision point and could either resume the rally from February 11th or continue the decline from the April 20th top. Let's examine the evidence.
by Mark Rivest

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