Seeking Alpha
  • Brian Benda
    DOW and SPX declined to the their respective fib 62% support lines at today's low. Need to hold to preserve near-term bull.
    3/28/12
    Reply (7)
    • Brian Benda: That is, the 62% fib support lines from the low last Friday to yesterday's highs in each market.
      3/28/12
    • OneLongTrade: What's the SPX number for the 62% fib support?
      3/28/12
    • Brian Benda: Pretty easy to call these levels: 1,399-1,400 on SPX and 13,100 on DOW. Play well as round numbers too, which many deem important.
      3/28/12
    • OneLongTrade: Thanks, let's see if she holds.
      3/28/12
    • Brian Benda: Exact number on SPX is 1,399.20. DOW is at 13,103. You have give each of these numbers a price window, as market is not a precise science.
      3/28/12
    • OneLongTrade: SPX broke the support, what's next? 50% retracement?
      3/28/12
    • Brian Benda: Eventually, looks like this leads to more, yes. 62% fib is holding okay, but did break. Still within window for near-term support bounce.
      3/28/12