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From a “Monthly/Weekly” standpoint, the 500 index is staring key resistance right in the face! On the monthly chart, a resistance line drawn from the 1987 high is in play! Until a breakout takes place, it is these key lines in the sand caused that caused us to harvest/protect capital and see if the bulls can create a breakout.
My long-term thoughts… Just because the “music is playing, you don’t have to dance to EVERY tune!”
From a very short-term perspective, the long downside wick created yesterday, often leads to higher prices.