Is the S&P kissing the underside of “Dual Resistance” for the first time in history? Looks like it! Does that mean the market is topping here? It’s too soon to tell.
(Click on image to enlarge)
- The S&P has remained above the rising support line (1) for nearly 9-years…
- The rally off the lows around Christmas has the S&P “kissing the underside of line (1)” for the first time.
- At the same time, it finds itself testing line (2), which is the highs of last year.
- While kissing the underside of both lines, it is kissing the underside of falling momentum as well at (3).
A breakout above potential resistance at (3) is bullish for stocks BUT selling pressure will get underway as it kisses these potential resistance points at (3).
Editor’s Note: The above excerpts* from the original article have been edited ([ ]) and abridged (…) for the sake of clarity and brevity. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
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