Fibonacci Analysis Indicates S&P 500 Bottom at 2100
Posted: Sun Aug 28, 2016 12:52 pm
This article was written by Mark Rivest, independent investment advisor, trader and writer.
After several weeks of slow movement in the US stock market, volatility suddenly increased on August 26th with wild swings up and down. The drastic change was triggered by the release of a speech by Fed chair Janet Yellen.
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Initially the S&P 500 (SPX) moved down then suddenly had a very fast 14-point rally which was subsequently wiped out, and in the process took out an important double bottom in the SPX 2169 area.
That a ... (read more)