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Chart of the Week: S&P 500 Index Fibonacci Retracement

Posted By Barry Ritholtz On April 16, 2004 @ 12:03 pm In Finance | Comments Disabled

The S&P 500 continues to struggle at a 50% retracement level (blue line and red arrows) from the 1999 highs to the recent lows. This also coincides with resistance levels that we highlighted.

S&P 500 Index Fibonacci Retracement
Source: Technimentals [1]

Given the robust sentiment out there it is likely to turn our to be a tough area to work above. Additionally, after May seasonality turns neutral to bearish.

Random Items:
Fed Officials Should Get Out and Shop [2]
India is the next China [3]
Cyberspace warriors [4]
Poll: Balanced Budget Beats Tax Cuts [5]
World Knowledge Competitiveness Index 2004 [6]
IBM, Napster Take Server Approach To Music Downloading [7]

Quote of the Day:
“Good judgment comes from experience . . . Experience comes from bad judgment.”
- Barry LePatner [8]

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/04/chart-of-the-week-sp-500-index-fibonacci-retracement/

URLs in this post:

[1] Technimentals: http://www.redtechresearch.com/cgi-bin/mesh/home

[2] Fed Officials Should Get Out and Shop: http://quote.bloomberg.com/apps/news?pid=10000039&sid=aqtzUdHVGcvc&refer=columnist_baum

[3] India is the next China: http://cbs.marketwatch.com/news/story.asp?guid=%7BE98564D7%2DD1E4%2D475F%2D92AB%2DE4E86A590AF1%7D&siteid=mktw

[4] Cyberspace warriors: http://www.haaretz.com/hasen/spages/415859.html

[5] Poll: Balanced Budget Beats Tax Cuts: http://story.news.yahoo.com/news?tmpl=story&cid=519&e=5&u=/ap/20040414/ap_on_re_us/taxes_ap_poll

[6] World Knowledge Competitiveness Index 2004: http://www.hugginsassociates.com/product_info.php/cPath/23/products_id/45

[7] IBM, Napster Take Server Approach To Music Downloading: http://www.digitalconnectmag.com/news/showArticle.jhtml?articleID=18311810

[8] Barry LePatner: http://www.amazon.com/exec/obidos/ASIN/0970537808/thebigpictu09-20/102-4529470-0078540

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