Quick look at Fibs on the broader index:
$SPX just passed 50% of the 2007-08 downmove.
A trendline comes in connecting the highs in this same downmove to our current level. Will we head to 62% – is there enough left in the improvement of fundamentals to get us there?
We will see, but the fact is the trend is your friend and until we have a failure or reversal pattern, the trend is UP!
Happy Trading and Be Environmentally Cool!
