Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
The hot indicators from Thursday got a day to cool off on Friday. I still think we are headed for higher highs in the days to come, but if we do see a pause early in the week there are some very interesting Fibonacci retracement levels in play. (Click here to read about Fibonacci.) Below, on the SPY chart, I have overlaid the Fib retracement levels. The two that I have highlighted in yellow are particularly interesting because they are associated with volume spikes at those prices. For a technical analyst, those two correlating factors are very fascinating! If we were to see the market pull back we should expect those to be levels of support.