The Fib retracement from the highs to the lows in the cycle is now nearly 61.8 (at 1,228)
The retracement from the highs to the lows in the first wave of the Great Depression peaked just below 61.8.
Does history repeat itself, or come in tidy little Fibonacci packages? Are today's math Ph.D.'s even aware of retracements, or do they just know how to buy, buy, buy on ever declining volume? 1,228 is the magical number on the S&P. We'll find out soon enough.