By Andrew Nyquist
I am working on a larger technical piece for tomorrow, but wanted to get something out there for the technical folks.
Below is a quick update on the Fibonacci support/resistance levels for the S&P 500.  The past couple days has the feeling of a falling knife and has many folks wondering where the market will find support.  I’d like to think the 1102 level (.382 fibonacci support) holds or at least slows the drop, but thinking a dip below 1100 is likely.  I am nibbling a bit  here and there on select stocks, but staying cautious.  Right now I am 70% cash.  But easy does it is my motto this week.  I will start buying in earnst when/if the S&P 500 falls below 1100 or starts to show some resiliency.
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No positions in any of the securities mentioned at time of publication.
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