S&P 500 Index - Short-term correction in a long-term bull market
The current level at the time of writing (14th January 2019) is 2583.
The strong downside correction in the S&P 500 index seen in late December 2018 was inevitable, however in the context of a 9 year bull run, was only a 23.6 percent Fibonacci retracement from the high of 2940 made in September 2018 to the low of 666 made in March 2009. One can expect another surge to the upside, possibly to the 200 day moving average which currently sits at 2745. Thereafter a test of the Fibonacci 38.2 percent retracement level of 2072 is realistic. Fibonacci time zones indicate that a fresh trend will unfold around May 2019 and hopefully clarify our suspicions that we are entering a long-term bear market. Posted on: 2019-01-14 16:34:19author: Timothy Straiton
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