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Currently the Dow is facing 70-year channel resistance…This resistance does not mean this market has to turn tail and head south at this time!. Several “Multi-decade” lines all meeting at (2) should very much be respected! These type of situations often take place a key turning points!
Should support line (3) be taken out, these resistance lines become very important and the odds increase greatly that Mr. Bear could awake from is multi-month comfortable nap!
Game Plan…Long-term equity holders should pay very close attention up here, should support off of the 2009 lows be taken out. If I was a long-term investors/monies inside of a 401k, I would be harvesting part of the portfolio right now!
Since global markets are doing a “high wire act” (see post here), should support give way on one, odds highly that support will give way for the majority! If so the “Look Alikes, Domino’s and Slipper Slide” situation becomes very important to understand, even for slow moving/long-term monies!!!(see post here)
Always love the long term charts Chris – HAVE A GREAT WEEK!!!
Hi Chris.. that XLE continues to turn over…