SPY Monthly: The SPY is reaching a 50% retracement from the levels indicated below.  When I do a retracement such as this, I like to see the fib levels line up with previous pivots/movement (see blue arrows).  This helps validate the importance of this set of fib levels.  The reason is some traders may not be looking at fib levels at all, but instead only look at pivot levels, so that helps add additional traders looking at the same level, making it more important, thus more of a reaction. 

Unfortunately, the SPY isn't looking quite as nice as the QQQQ.  However, I think of the NASDAQ as leading the S&P so, perhaps this is okay. 

Market Update