Trader Sentiment using Fibonacci on the SPX
Over the past two months, we have seen the SPX (or ES Futures) hit a high of 2947, and a few weeks later, it hit a low of 2603.
It has since recovered some lost ground and is currently around 2734. But there is plenty of choppiness with massive Up and massive Down days in between.
The big question is What Now ?? What is the current trader sentiment going into the Thanksgiving and year-end. Will we see a year-end rally ?
Applying the Fibonacci Retracements to the big move down from 2947 to 2603 reveals some very interesting levels, and the levels are almost picture-perfect. We can get an idea of what the big traders are looking at, and more importantly what can we watch for on the SPX that can tell us one way or the other the sentiments going into 2019.
The video below provides this analysis
