$SPY in oversold territory - Fibonacci analysis

The overall market had an impressive rally in July as it reached its 200SMA where it was rejected at the first attempt. Jackson Hole proved to be a turning point for the markets as the FED continues to be determined to fight inflation at all costs. Despite better than expected inflation readings, the markets continued to drift lower. We are approaching an important inflection point in the $SPY. Around $395 we have a re-tracement of 0.618 from the recent highs which may be a good area to try some longs for a snap-back rally. For today, see if we get some window dressing or not. The best scenario will be a dip below yesterday's lows and a subsequent reclaim of $396 in order to offer a possible squeeze into the closing. Watch the leaders for clues today!