The Parabolic SAR will probably sit at 3850 tomorrow. It’s getting close. Today’s low was 3885. Will S&P 500 drop 63 points tomorrow? It’s doubtful, considering there is really no bad news out there. The sentiment remains bullish and complacent.
I also want to share a few Fibonacci extension levels charts.
The first one does not look quite right, does it? I set the first wave up, high on 3/31/2021, retracement low on 4/1/2021. It did predicts correctly on a few highs and lows, but not quite there.
The second chart looks much better. I set the first wave high on 4/29/2021 and the retracement low on 5/14/2021. However, it predicts the 161.8% high at 3884. Now, the index is above that level, and 3884 does provide some support.
The last chart also looks good. I set the first wave high on 6/8/2021 and the retracement low on 6/15/2021. The 100% high is at 4006.
