500 index has tested line (1) in the chart below, numerous times since the highs back in 2000. It seems like the “Second Time” (red arrows) it tests this line as support/resistance, is when price action really picks up speed.
CLICK ON CHART TO ENLARGE
I shared to “BE PREPARED” the first time the 500 index hit this line, suggesting to raise cash on a break of support (see post here). I believe that we should “harvest” at resistance, shared to take this action 8 days before the highs back in the spring…suggesting to do it again.
This is the second test of this line, this year. Suspect it is the “Second Time” that will provide us the real fun, per a big move off of this line…. I am Not a BULL or a BEAR (see post) just going to follow the price action at this critical price point!
note that in mid 2008 we broke decisively below the TL the second time; immediately reversed significantly above; then broke below a 3rd for the significant move…
Could you please post the values of the resistance/support lines on your charts? What is the current price point of resistance (2) in the “Second Test The Fun One — S & P 500.
Thank you so much for sharing your charts. A picture truly is worth a thousand words! (or more) Also, the 200 week MA also seems to be important here.
Excellent chart. I was viewing the NDX-100 on a month view and see that we’re nearing resistance. That and agriculture seem to be rockets so it wouldn’t be good if one were to start to show weakness.