Just out of curiosity stuck a Fibonacci retracement on the daily. The 161.8 retracement is sitting in the middle of the daily candle that is forming today on /ES/SPY/SPX.

Bottom? We won’t know until it is in the rear view mirror. As I mentioned yesterday tread lightly but there are also some opportunities developing for those if us that think a little longer term. Meaning weeks, months, and years, not 930 am to 4 pm like the day traders.

Plus premiums are inflated!!

Trade smarter 🙂