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An Important 61.8% Fibonacci Test Will Occur this Week

For Fibonacci followers, the S&P 500 is a smidgen away from a momentous event.

What is the event?

The event is that the S&P 500 is VERY close to reaching and testing its Fibonacci 61.8% level.

On today's chart, take a look at this year's action around the 50% and 38.2% levels and you will see why many investors pay attention to Fibonacci numbers.

In June and August, the S&P tested the Fibonacci 50% levels and pulled back. It wasn't until its 3rd. attempt in September, that it finally made it above the 50% Fibonacci level.

Also note how the S&P 500 failed to the downside in April, and then kept falling until July 1st.

What was significant about July 1st.?

A quick look at the chart gives you the answer ... on July 1st, the S&P 500 hit and tested its 38.2% Fibonacci support level ... where it held that day and ended up higher at the close. It moved up from there to ... you guessed it ... the 50% Fibonacci level.

S&P500 61.8% Fibonacci Retracement

 

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