Almost all blogger believe that we are at the end of this bear market rally and they are ready to short the hell out of this market. On Friday 4/17 we saw the market tested SPX 875 level and pull back immediately. We might need some external government news to break above this resistance again, see my last post. By using the Fibonacci retractment we can see that each bear market rally seems to peak around the 61.80% retracement we see it back in Nov 4 , 2008, then Jan 6, 2009. Would the 890 - 900 level (61.80% retracement) be the peak of this rally? We shall see!
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