S&P500 50% Fib Resistance S&P 500 FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CME:SP1! CW_Trades #sp500 #spx – S&P 500 futures are retreating as price has now found resistance at the 50% Fibonacci retracement level for the past three days highlighted by the yellow box. Price is currently testing the 38.2% fib ahead of the market open. On Tuesday I was expecting some whipsawing in price this week as traders attempt to decipher the emergency rate cut by the Federal Reserve on Tuesday as well as becoming more emotional in their trading habits due to news headlines regarding Covid19. For now that appears to be the case as we are seeing some of the strongest moves up and down in price in recent memory over the past two weeks. High volatility isn’t indicative of a healthy market and is more of a signal that traders are mostly indecisive as far as what to do, and more often than not indecisiveness ultimately leads to fear aka selling. Support this week has been found at the 23.6% fib level so that is the retracement level to keep an eye on, a move or close below that level would likely indicate that bears are still in full control of price here and that the recent bounce this week was a reactionary move after a record decline last week. After initially going neutral on price this week, I am back to being bearish due to the failure of price to regain the 50% fib level as we head into the end of the week.