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Standard and Poors 500 touches a multi year fibonacci ratio

SPX Tech analysis by Simon Kazinsky on 14:26 September 18, 2017 EST

It has finally made it. In our previous technical analysis for the index back in June I warned that a major fibo target was just north of 2,500 at 2,506.

Three months later the index has finally managed to climb to this level which was just 2% away back then.

It is going to be very interesting to see what the index does in the next few days. Weakness would hint the market is reacting to the level. As a counter argument it is worth pointing out the Dow Jones index already broke its equivalent fibo level a few weeks ago and has held above since.

EURUSD is also at a critical juncture after having touched and rejected a monthly moving average which has acted both as support and resistance multiple times in the last decades and sits just above 1,20 at present.