Here's a weekend look at the Dow, S&P 500 and Nasdaq 100 and their relationships to two key crossings, the 200-week moving average and the Fibonacci 61.8% retracement.
All three indexes posted weekly gains in an atmosphere of high volatility. Both the Dow and S&P 500 remain below their 200-week moving averages and Fibonacci 61.8% retracements (retracements based on weekly closes). The Dow needs a gain of about 6% and the S&P 500 8% to start a breakout above the two levels of resistance. The Nasdaq 100 has a comfortable distance above both, which means that they could play the role of support in case of a decline from here.
