Nasdaq support level = 38.2%
S&P 500 support level = 61.8%
INDU support level = 78.6%
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Due to the implications of the above Fibonacci sequence, it can be determined that a considerable upward correction *could* take place. All long positions should be initiated with extreme caution because of the vulnerability of the current support levels. More importantly, a high percent of capital should be saved for entry at the next support level down or to take new short positions if corrective rally is to take place. Not willing to call the bottom at these levels. Position recomendation is to hold onto short sales and cover at the next level down.
S&P 500 support level = 61.8%
INDU support level = 78.6%
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Due to the implications of the above Fibonacci sequence, it can be determined that a considerable upward correction *could* take place. All long positions should be initiated with extreme caution because of the vulnerability of the current support levels. More importantly, a high percent of capital should be saved for entry at the next support level down or to take new short positions if corrective rally is to take place. Not willing to call the bottom at these levels. Position recomendation is to hold onto short sales and cover at the next level down.
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