SPY Fibonacci Support

key Fibonacci levels lay out a medium-term bearish target

A few days ago, I wrote about the remarkable Fibonacci levels that had been defined around the SPY. I noticed that this morning's low perfectly tagged the 78.6% level (which, last week, acted as resistance for a couple of days).

My view is that important resistance at the gap, represented by the red arrow, will not be breached. The key at this point, cle…