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U.S. Stock Market Set To Receive Key Message From Fibonacci Level

By Chris KimbleStock MarketsAug 11, 2022 02:00PM ET
www.investing.com/analysis/us-stock-market-set-to-receive-key-message-from-fibonacci-level-200628404
U.S. Stock Market Set To Receive Key Message From Fibonacci Level
By Chris Kimble   |  Aug 11, 2022 02:00PM ET
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As the stock market bounce continues, wary investors begin to wonder how much longer this rally will last.

While no one can predict the future, we can utilize technical indicators to gauge the rally’s health.

Today we highlight a critical Fibonacci retracement level (38.2) and why it will likely send a big message across several key US stock market indices.

Today’s chart 4-pack chart includes stock indices facing respective 38.2% retracement levels of the downturn this year: NASDAQ 100 (NASDAQ:QQQ), NYSE Composite, Russell 2000, and Wilshire 4500.

QQQ, NYSE, Russel 200, Wilshire 4500 Weekly Charts
QQQ, NYSE, Russel 200, Wilshire 4500 Weekly Charts

Bulls hope we are closer to the beginning of the rally than the end. For this to be true, each of these indices must break out above each (1).

On the flip side, bears hope that the 38.2 Fibonacci level stops the rally. Either way, the results will be important to both bulls and bears. Stay tuned!

U.S. Stock Market Set To Receive Key Message From Fibonacci Level
 

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U.S. Stock Market Set To Receive Key Message From Fibonacci Level

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Comments (5)
Bobby Digital
Bobby Digital Aug 13, 2022 10:10AM ET
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It could also be the third lower high before it drops again.
Th De
Th De Aug 12, 2022 1:57PM ET
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I can't read the charts numbers... too small, can you put them in article?
Paul Sutton
paulsmith007 Aug 12, 2022 2:07AM ET
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Definitely maybe.
Jimmy John
Jimmy John Aug 12, 2022 12:19AM ET
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So, what do you think is going to happen?
Nick Roth
Nick Roth Aug 11, 2022 8:55PM ET
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Always great Chris, thanks!
 
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