S&P 500 Touches Major Fibonacci Level

11/16/2009 11:19 am EST

Focus:

On Wednesday, November 11, the Dow Jones Industrial Index rallied to a 50% retracement level based on a Fibonacci measuring tool. The action on Friday indicates that this level is very important and that it could be an important top for this market.

I’ve also discussed with other traders the important 50% Fibonacci retracement level and as a long-term trend line, both originating from the October 2007 high.

In the video below, I cover both the Dow and the S&P 500 and tell you what I think is going to happen to both of these markets in the near and intermediate term.

Watch the video now:

By Adam Hewison of INO.com
Adam Hewison is President and Founder of Market Club.

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