Posted by chartboy on 16th of Jun 2011 at 02:11 pm
Today is a perfect example of watching for Fib clusters for
support and resistance. The various retracements to yesterdays
intraday high, the retracement to Tuesdays close, (gap fill) and to
the last major swing high (1345) acted a overhead
resistance for this market.
Specifically, as I mentioned earlier...that .382 retrace to the
.382 retracement to the last major swing high (1345) is like a
brick in these highly trending markets...to the tick that level
marked the high of the day 1274.1
Fib cluster...
Posted by chartboy on 16th of Jun 2011 at 02:11 pm
Today is a perfect example of watching for Fib clusters for support and resistance. The various retracements to yesterdays intraday high, the retracement to Tuesdays close, (gap fill) and to the last major swing high (1345) acted a overhead resistance for this market.
Specifically, as I mentioned earlier...that .382 retrace to the .382 retracement to the last major swing high (1345) is like a brick in these highly trending markets...to the tick that level marked the high of the day 1274.1
.382 x .382 marked the high of the day..
http://stockcharts.com/h-sc/ui?s=$SPX&p=1&yr=0&mn=0&dy=15&id=p80739341606&a=163177305&listNum=2As
As did the .50% retracement to the gap fill...
http://stockcharts.com/h-sc/ui?s=SPY&p=1&yr=0&mn=0&dy=3&id=p69185311784&a=236775109&listNum=2
Chartboy - Excellent observation of
Posted by puma on 16th of Jun 2011 at 02:14 pm
Chartboy - Excellent observation of the Fibs
GDX now down 2.7% -- telling us something bearish I think
Thanks Puma! C
Posted by chartboy on 16th of Jun 2011 at 02:20 pm
Thanks Puma!
C