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No doubt 1974 and 2003 marked important lows in the S&P 500. If you apply Fibonacci to these key lows, a potential important extension level in the S&P 500 comes into play at 1,929.
At the same time two long-term resistance lines also come into play at the 1,929 level, which is 3% above current prices.
Odds may be low this is a turning point. When Fibonacci levels and long-term resistance lines meet, it can become an important price point. No doubt the 1929 number has been important from a historical perspective, will it become important from a price perspective? Stay tuned to see, its only 3% away!
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