SPDR S&P 500 (SPY): I think here is how they got that 3815 n...

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Re: spartex post# 359160

Saturday, 07/02/2022 10:13:07 AM

Saturday, July 02, 2022 10:13:07 AM

I think here is how they got that 3815 number. They showed a chart from the 2020 lows (2192) to the 2022 highs (4818). I am thinking they are talking about a retracement of the rally from march 2020 lows to the recent top this year. see below if it makes sense.

4818 -2192= 2626

2626 X .382=1003

4818 - 1003 = 3815

So a key Fibonacci level was breached and yesterday was reclaimed at least for the time being. A 50 % retracement of that rally would be roughly 3505 on a closing basis. A .618 retracement would be roughly 3195.

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