S&P near Fibonacci retracement support?

This week’s sell-off was so violent, my intuition (not a particularly good one, I might add) is to think we get a bounce before selling off further.  One reason we might bounce from this 1200 area – in addition to it being a nice round number – is that it is also near a 23% Fibonacci retracement of the 2009-2011 rally (red lines).  You could also draw a trendline (black) that intersects the major bottoms since July 2009, and land near here.

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