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Key Fibonacci Resistance For Stocks Is Right Here Right Now

|Includes: SPDR S&P 500 Trust ETF (SPY)

 

The stock market made it's last major top back in October of 2007. Right now it's marking the 61.8% retracement of the decline that ended March of 2009. This is a key fibonacci level: it will be a major bullish achievement if the S&P 500 Index can convincingly surmount it. If not, I think it's safe to assume that the bear has some more work to do.



Disclosure: Long TWM