This Level Seems Important |

What a weird day, huh? After the FOMC announcement, I got excited that we might actually have a big red day, but it was not to be.

What I can say, however, is that looking at the , there certainly seem to be some quite a bit of important around the Fibonacci retracements, which are acting as attractants/support/resistance. Here is the weekly chart:

Specifically, the level in question is 4245, which has, in recent weeks, been quite a “draw” for price action.

S&P 500 Futures Chart.

In case you don’t think something as crude as a weekly chart, with anchor points that are literally years apart, matters, I offer you this minute bar graph of today’s action.

So, yeah, that was a heartbreaker, but at least we have some sense as to where that support came from.

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