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I need to start off by thanking Fibonacci and the Extensions tools I use to absolutely give me a direct target yesterday for my SPY TOD.

If you recall, I was showing you the raw power of Fibonacci and how to harness it.

I used an example that showed an extension level on the SPY, and a target area where it might land.

Wow! Did that happen faster than I thought.

 

“So now we entered the trade, it’s looking like 0.786 is a great place to start looking for a target to occur!

Interestingly, a lot of the times when I’m looking for levels using my SPY Trade of the Trade strategy, the levels I look for match up with a key Fibonacci level.“


If you missed how I used Fibonacci Extensions to find this target in the SPY’s just read Find Hidden Levels in the Market With This

Of course, with the SPY now at an all-time high, can we use the Fibonacci for further guidance?

The answer is yes… and where it predicts we go next could surprise you.

 

Where to next?


When you get into an Uber or Lyft… and your driver is talking about the markets at all-time highs.

Something is wrong.

A joke with my friends is that we know the market is in a bubble when your driver is giving you stock tips.

I’m not sure this time…

It feels real. It feels genuine. And that is a good thing.

It’s hard to stay pessimistic all the time. Exhausting even. So I would imagine that the SPY pushing record highs is really causing pain for those types of traders.

The more and more I look at this chart, I think of the phrase, “the trend is our friend.” And for good reason!

That does not mean too much in a FOMO market that is driving some serious momentum… but it does make me think a little more strategically.

Remember traders, it’s a game of chess, not checkers. It is time to start thinking about what’s 3 moves ahead of us now.

Here is the SPY with a Fib Extension drawn again with today updated.

 

 

SPY’s high today was 308.00 and Fib Extensions told me 308.01 was going to be a target level.

It’s unbelievable how Fibonacci numbers are found in nature and also in stock charts!

Don’t forget… resistance is future support.

For this to be true, the SPY must close above that 0.786 Fib number.

Once we get that, what is next? Well two things could happen.

  1. It is off to the races to the next fib level at $314.28
  2. SPY’s fail to break above 0.786 fib and fall back to 0.618 or $303.08


I hate to say it, both options are acceptable.

I mean honestly, how fast can the entire SPY run after all?

And for the trend to be valid, we need a series of higher highs and higher lows to give you the classic upward zig-zag pattern.

So for all you thrill seeker, FOMO trading junkies, keep two things in mind.

Pull backs are natural, and it is ok if it takes longer than expected to hit your target price levels.

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