What Line in the Sand?

Another massive overnight ramp job…nothing new there. But, this one has led ES to an important Fib level where it seems to be pausing: the 2.24 extension of the 2007-2009 drop. Will it matter?

The great thing about ES’ overnight ramp jobs is that they allow SPX to gap right over its own overhead resistance – which in this case is SPX’s 2.24 Fib extension at 2703.62. It’s the Fib that SPX spent from Jan 3, 2018 to Feb 11, 2019 endlessly crisscrossing.