The S&P 500 set to close above key Fibonacci retracement level
The S&P 500 is surging 3.3% in afternoon trading, and is headed for the highest close since March 6, which was before COVID-19 was declared a pandemic by the World Health Organization. More importantly for many chart watchers, the index is on track to retrace 62.7% of the coronavirus-related selloff from the Feb. 19 record close of 2,386.15 and the 3 1/2-year low of 2,237.40 on March 23, which puts the 61.8% retracement at 2,947.33. Followers of the Fibonacci ratio of 1.618, also known as the “

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