CLICK ON CHART TO ENLARGE
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).
re: long term S&P chart on the right…. *IF* it turns, that would make one heckuva H&S with a neckline that crosses at about 600.