Ever feel your in the movie “Ground Hog” day, per the same thing keeps happening over and over?
Repeating back and forth action in the 500 index continues to take place on the left in the 3-pack below….which is the 500 Daily.
CLICK ON CHART TO ENLARGE
If your a day trader of late….you buy on support when bullish wicks in green are created and HARVEST at the top of the channel when bearish wicks in red take place.
I am not a day trader, more power to those that are…from a bigger picture perspective, the two charts on the right reflect longer-term resistance that continues to keep rallies from going further.
From a “Power of the Pattern” perspective, you lean to lighter broad market positions up against resistance, until it can be taken out!