What a way to start the week out. The market was already heading in the wrong direction when the S&P decided to downgrade the debt outlook of the U.S. In any case, I’ve provided below a quick mark up of where daily support levels exist and right now we are currently testing the 50% Fibonacci retracement level. It’ll be interesting to see whether the bulls can find a bid at these levels or not.
Here’s the chart on the S&P.
