Odds are high that the support and resistance that is at hand, has much to do with the “Choppy Markets” over the past few months.  From my 30+-years of experience, the chart on the right, dating back to 1987 is more important than the one on the left, yet the short-term is important because if a breakout/breakdown is to take place, it has to start somewhere!

I do remain surprised that the market is close the highs for the year and the number of investors bullish has dropped off a good deal and the Put to Call ratio is very high (investors have purchased a ton of puts at this time).

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past