July 29, 2024
On July 11, 2024, we tweeted: "The $SPY is testing a 1.618 Fibonacci level. Is this a top?" https://x.com/TrentKlarenbach/status/1811422502180327806 On July 18, 2024, we shared this video: https://www.youtube.com/watch?v=V2QYvYCAPp4&t=22s In today's video, we analyze the recent price action in the SPY, highlighting the accuracy of technical analysis, particularly the 1.618 Fibonacci level. We explore the Baltic Dry Index ($BDI) for clues on whether the economy might be slowing down, potentially justifying the aggressive sell-off in the SPY, or if this is merely a "healthy" pullback.
