The 62% Fibonacci Retracement of the rally up off the July 1st 2010 lows is 114.90. This makes the 115 handle a key and critical number for the SPY on this current move. If we gap down severely from the downgrade of the US this level is one to definitely watch for support should we fall to it.
Again, I don't use levels as absolutes, just as reference areas. If a pattern doesn't set up, I will pass and look for a better entry, bu hey, that's me!
Even if we don't get slammed, it's still a level to watch on the short term if the downside continues.
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