61.8% Retrace of Entire June-Sep Move Now HIt « Market Montage

Well this morning's fade of the gap up didnt even wait until 10:30 AM – it faded premarket and in the first 5 minutes.  The S&P 500 has now hit the full 61.8% Fibonacci retracement of the June-Sept 2012 move.   If bulls are to make a move this would be the place.  (Apple broke those May 2012 lows as well)

[EDIT 11:10 AM - we did get a quick bounce off this level of about 6 points as obviously a lot of people follow the Fib lines.  However since then there has been some selling.  A new break of that 1346 level later today - if and when - would probably cause some towels to be thrown in]

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