If the S&P 500 breaks this level, it could fall to 2018 lows, trader says (via TradingNation)
to 2,746.56, its worst daily percentage loss since December 2008. In Tuesday's premarket, the index was pointing to an opening at 2,865, a 4.27% gain.
She used a Fibonacci retracement to calculate that level, referencing a technical analysis that uses the 12th century mathematician's sequencing method to identify points of possible support or resistance on a trading chart. "For a breakdown to be confirmed, I always require a couple of weekly closes below," she said. "Not to take too much of a wait-and-see approach, but it's often the right thing to do to wait for that confirmation, especially in such an emotionally charged environment. So, if we were to see a couple of weekly closes below that 2,750, the new targeted level would become 2,350, and that's based on — as you can guess — the December 2018 low.
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