S&P 500 Testing Key Fibonacci Level


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  Dow and S&P 500 at Tipping Point

If you were to draw Fibonacci retracement levels on the S&P 500 based on the bear market we all had to suffer through from the highs in late-2007 to the lows in early-2009, you would see that the S&P 500 is just starting to peek up and through the 61.8% Fibonacci retracement level. This is a significant accomplishment for the stock market.

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However, we still need to get a confirmed break up above this level before we can say with confidence that we are going to move higher.

Now, if we get some resolution on what the tax policy is going to be in the United States come January 1, 2011, we will most likely see Wall Street jump for joy and send stocks higher. More good news from the U.S. economy -- better-than-expected Trade Balance or University of Michigan Consumer Sentiment numbers tomorrow, for instance -- would also do a lot for animal spirits.

Here are a few of the topics and stocks we discussed in today's Ask the Expert video.

- The rebound we're seeing in U.S. Treasury prices
- Why we're watching Chinese CPI so closely
- The lackluster performance of emerging market stock markets this past month
- iShares Barclays TIPS Bond Fund ( TIP )
- Market Vectors Brazil Small-Cap Fund ( BRF )
- Priceline.com ( PCLN )
- Google ( GOOG )
- Netflix ( NFLX )
- Lloyds Banking Group (LYG)
- Amazon (AMZN)
- And much, much more

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[hdplay videoid=245 height=360 width=640 autoplay=false]
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Stocks
Referenced Stocks: BRF , GOOG , NFLX , PCLN , TIP

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