Moby Waller's  Instablog

Moby Waller
Send Message
Moby Waller is a former CBOE Market Maker floor trader and off the floor London-based European Index Options Trader. He now works with and is a Research Analyst and Portfolio Manager for's ETF TRADR (, which provides... More
My company:
My blog:
BigTrends Blog
  • Major SPX Fibonacci Retracement Test Approaching! 0 comments
    Nov 17, 2009 9:27 AM | about stocks: SPY, SPY

    I've been keeping an eye on this pattern for some time, and have written on it before.  But now we are imminently approaching a major 50% retracement test on the S&P 500 Index (SPX) (NYSEARCA:SPY).  Take a look at the following Weekly Chart, which tracks the 2007 high to the 2009 low and places Fibonacci retracement levels on it:

    So 1,121.44 is the exact 50% SPX retracement level (we closed at 1109.30 on Monday night).  Besides being an important Fibonacci sequence number, this is also a generally known area of potential trend reversals.  Keep a close eye as we move in on this area ... we certainly could overshoot to the upside due to the market strength, but it definitely is a likely area of a market reversal lower (at least back down to the 1,000 area).

    Moby Waller,

    Disclosure:  Index Options Timer subscribers have a 1/4 SPY Put position currently open.

    Stocks: SPY, SPY
Back To Moby Waller's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.