S&P ES Short setup target 5811 / Put SPY target 574Fibonacci technical analysis : S&P 500 E-mini Futures ( CME_MINI:ES1! ) has already found resistance at the Fib level 78.6% (6057.75) of my Down Fib. Last Daily candle (Jan 7) has closed below retracement Fib level 38.2% (5963.75). My Down Fib guides me to look for CME_MINI:ES1! to eventually go down to hit first target at Fib level -27.2% (5811.50).
S&P CME_MINI:ES1! – Target 1 at 5811.50, Target 2 at -61.8% (5731) and Target 3 at -78.6 (5691.75)
Stop loss slightly above the 50.0% retracement Fib level (5991.25).
Option Traders : My SPY AMEX:SPY chart (Down Fib from 602.48 to 580.50) shows price to go down to Target 1 at -27.2% (574.52), Target 2 at -61.8% (566.92) and Target 3 at -78.6 (563.22)
Stop loss slightly above the 50.0% retracement Fib level (591.50).
