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S&P near Fibonacci support?

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

This week's sell-off was so violent, my intuition (not a particularly good one, I might add) is to think we get a bounce before selling off further.  One reason we might bounce from this 1200 area - in addition to it being a nice round number - is that it is also near a 23% Fibonacci retracement of the 2009-2011 rally (red lines).  You could also draw a trendline (black) that intersects the major bottoms since July 2009, and land near here.