The SPX looks to be headed to a set of “Golden Fibonacci” confluences.
The overnight dip has a 161% extension at the 3315 level, the late 2018 20% selloff’s 161% extension is at the same price. The 161% extension is also known as the “Golden Fibonacci” level. To us traders, we know how magnetic these levels can be in the markets. In the event we get there in the coming days, the market reaction while the SPX is above the 3300 will be key for both bulls and bears (what’s left of them) alike!