Fibonacci Levels to Watch

04/21/2009 9:50 am EST

Focus: OPTIONS

Thomas Aspray

, Professional Trader & Analyst

chart

The SPY gapped lower Monday, which increases the chances for a move to the 38.2% support and the 200-hour MA in the 80-81 area. This also corresponds to the 38% fan line. The more important Fibonacci support lies at 77.50 and 75. No strong signs yet that the rally from the March lows is over.

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