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I pulled an intra-day chart of the S&P 500 off of the MarketClub service. If you click on the above chart, it will load a larger image that you may find easier to view.
You have some Fibonacci levels projected on the chart, which show likely areas of support during this pull-back. You can see that the market has now tested the first level, twice. The intra-day bar for today, March 14th, has penetrated that level quite dramatically. Price levels have since recovered, but keep an eye on it because we may be heading down to 1,350.
A few days back I posted a video Adam Hewison put together, performing similar analysis on the Dow Jones Industrial Average. You might review that video to refresh your understanding of this Fib levels and to assess what is currently happening with the major indices.
Good trading!
Christopher Smith
TheOptionClub.com
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