Fibonacci Retracements

38% Support level Significant.  50% is Critical, 61% suggests reversal of trend.  For more information on Fibonacci go to the sidebar and click on the bust icon of Fibonacci.

"The Bull is Back but the Bear is Growling"

10D, Hourly - Feb. 25 - There is a new Bull Potato formation with the 10/30 MA Crossover on the Hourly.  At this stage it is timid but past experience has shown that its strength and momentum can grow.  The Fib's show the close near the 38% retracement level which is acceptable if it holds on Thursday.  Retreat below 50% would be a serious threat to the continuation of this move to the upside.
6M, Daily - Feb. 25 - The chart shows the important support line at the Nov. lows.  The Gold Spots also point out the "Double Bottoms / Railroad Tracks" that are often associated with reversals.  The parallel line demonstrate the range we have been in for the last 3 months.  If the market can recover over the Blue Line as  significant move up could be expected.  There is a lot of work to be done.

2D, 5m. - Feb. 25 - While there is evidence to support a new Bull Potato, there is turbulence and volatility.  At the same time there are indicators of a move to the upside.  Notice the "Higher Highs and Higher Lows" and the trend line.  Tomorrow is another day.  Do not slip on the peelings.

Fibonacci Retracements for Feb. 25th. SPY

2D, 10m. SPY - Feb. 24th. - Support at 23.6% is important to indicate firm follow through to the upside.  Loss of support at 38.2% & 50% would be serious cause for concern among the "Bulls."