Chart of the Day - Tuesday, March 11, 2025

Patrick Dunuwila
March 11, 2025

Chart of the Day


🏆 Today's Chart of the Day was shared by Duality Research (@DualityResearch). 
 

  • Duality points out that the S&P 500 ($SPY), Equal-Weight S&P 500 ($RSP), and Magnificent 7 ($MAGS) are simultaneously testing the same Fibonacci retracement levels. 
     
  • All three ETFs have retraced 61.8% of their advance off the August low. These retracement levels are approximately $556 for $SPY, $172 for $RSP, and $46.50 for $MAGS. 
     
  • After respective drawdowns of -9.3%, -8.4%, and -20.5%, these levels are a natural spot for a bounce. However, if they break, it will open the gates to the August lows. 


The Takeaway: Three major ETFs ($SPY, $RSP, and $MAGS) are simultaneously testing their 61.8% retracements. If these potential support levels break, it will target the August lows. 

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