A Top in the S&P500?

[wheatking16]

The SPY ETF is testing a 1.618 Fibonacci Level, suggesting this could be a top.

[jazz]

Simply put, nope. There is another fib at 700. The small caps will be joining this rally now.

[wheatking16]

Simply put, nope. There is another fib at 700. The small caps will be joining this rally now.

Not thee top, but a possible local top.

Until new highs, I look for a pullback to 511 or 480.

[Grahamp]

lol it may be but there are fibs at .618 1.618 2.618 3.618 also 1.38 1.236 etc etc. It will always stop on one of them.

[wheatking16]

Yeah, but you concern yourself with the next level first.

And they don't always stop at any of them.

They are all levels of interest.

[errolanderson]

READY, SET, GO! Is this day 1 of a prolonged global equity bear market? NASDAQ this week . . . .
errolanderson.substack.com

[crusher]

Just got an email from my financial adviser. My stocks are up over 20% in the last six months. My GIC's same period 2.5%. No risk no reward.

[foragefarmer]

READY, SET, GO! Is this day 1 of a prolonged global equity bear market? NASDAQ this week . . . .
errolanderson.substack.com

Your chart is a short week.

NASDAQ up 115 on Friday.

[wheatking16]

Our video update:

[wheatking16]

The SPY ETF is testing a 1.618 Fibonacci Level, suggesting this could be a top.

Sometimes they work out.

[errolanderson]

NASDAQ: Could AI fallout rival Dot.com crash of 2000? Similarities.

[jazz]

In 1999 and 2008, the stock market had a blow off top before a nasty crash ensued. That’s what we are probably headed toward but more likely Octoberish or early 2025.

I just saw the stats on govt debt and debt servicing in the US. Not sustainable and when the printer is finally reigned in, that will be the day of reckoning, but nothing saying they can’t start it up again and extend and pretend for another 5 yrs.

[errolanderson]

Estimated $1 trillion loss in equity markets today.

Fed Powell indicating U.S. rate cuts potentially quickly.

This horse already a long ways out of this corral . . . .

[errolanderson]

HEADS-UP: Japan equities tanking pressuring global commodities. U.S. unannounced recession deepens as unemployment rising. Fed needs to cut rates ASAP, but already too late (IMO).

Errol’s Commodity Wire podcast

[wheatking16]

We could be entering a Risk-Off environment.