From the desk of Steve Strazza @Sstrazza
Our Top 10 Charts Report was just published.
In this weekly note, we highlight 10 of the most important charts or themes we're currently seeing in asset classes around the world.
Finding Support with Fibonacci
US equities appear to be regaining ground after giving back some of their gains from this summer. Following the corrective action of the last few weeks, the Nasdaq 100 ETF has finally found support at the 61.8% Fibonacci retracement level of the June-to-August advance. These levels represent a logical place for demand to show up and halt prices from falling further. We’re watching closely to see what kind of follow-through we get in the coming days. If this was really the bottom, we should see a higher high in the near future. On the other hand, a break below 294 would signal increased downside risk and likely lead to a retest of the June lows. From a tactical standpoint, this is our line in the sand for the Nasdaq 100.
