S&P500 Futures waiting for exit from trading corridor
2023.01.20 13:21
S&P500 Futures waiting for exit from trading corridor
Does the market appear to be stuck? Like it’s involved in more than just a tug-of-war? I believe so. I think I know why, too. Take a look at this graph, which goes back a long time. These Fibonacci Retracement levels merit special attention.
Now zoom in very closely. Is that where we are now? At the retracement, precisely, and I mean to the PENNY. It’s acting like a magnet with a lot of power. The bulls and bears will continue to punch and scream at one another until a significant event occurs.
Because of this, I stay in options with a lot of time. I even have things for the year 2024! I trust my long-term patterns, but I don’t want to depend on what will happen tomorrow.
My point is that these retracement levels are very important, and the market’s agitation makes a lot of sense because neither side controls the market.
