The markets right now are at a key inflection point, says Bob Macke. The S&P 500 closed at...

|By:, SA News Editor

The markets right now are at a key inflection point, says Bob Macke. The S&P 500 closed at 1220, which, for Fibonacci enthusiasts, is an exact 50% retracement of the recent selloff and a massively key resistance level. No matter what you think of the analysis, "market voodoo" or the "holy grail" of indicators, the Fibonacci ratio is one of the dominant strategies in the futures trading pits in Chicago - and 1220 will be a significant hurdle when the markets open on Monday. (video)