Fibonacci retracement levels for the S+P, as measured from the post 2016 election breakout (approx) -
S+P - breakout began 2200, high 2931, rise of 731 points
38.2% decline - 279 points = 2652
50% decline --- 367 points = 2564
61.2% decline - 447 points = 2484
Measuring from 2100 (2015/16 support) - rise of 831 points
38.2% - 317 points = 2614
50% --- 416 points = 2515
61.2% - 509 points = 2422
Current S+P level - 2468
So currently we're sitting right near the 61.2% Fibonacci retracement level, which represents a support level, and if broken will be a bearish signal.
