Just yesterday we noted that SPX had dinged the 2100s. Long ago my target for a real correction had been 2100-2200, more recently updated to 2030-2100. But that revision would be pending whether or not SPX puts a tail on the monthly candle and closes above the first Fib level. Much like silver is attempting to do with its 14 level, SPX is attempting to put an in-month tail on its decline.
The preference would be a hard smash right into 2030 amid the terror that only a true disaster and crisis could bring about. But today it’s the double barreled Howitzers of monetary and fiscal policy firing off. It remains to be seen how March will close and April will open (think about all those households that’ll be getting all those quarterly investment statements) but one thing is for sure, as it stands now SPX has spiked below and recoiled back above a 38% Fib retrace of its entire bull market. Not only that, but panicked policy makers would aim to have it stay that way. We’ll see.
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