S&P 500--Monday, March 8, 2010
Impulsive move still seems to be working from base built in early February.
The 2.618 extension of this base formed resistance starting on Friday, February 19th. But when, after a healthy retracement, the market powered through this level last week, the target became the 4.236 extension. That is 1144. There was some minor resistance at an intermediate Fibonacci level around 1125. Friday opened above that level and went straight up from there.
A daily chart:
And an hourly chart showing the markets interaction with Fibonacci resistance levels in more detail.
