Comedian Rodney Dangerfield made the phrase “I don’t get NO RESPECT” a big part of his comedy act. The “Power of the Pattern” above highlights times TO RESPECT support and resistance. Support/Buying opportunities took place at (2) twice and currently the NYSE is up against a series of resistance lines at (3).

These resistance lines don’t mean the market has to stop on a dime,  yet resistance should be respected and protection of values is more often than not a good idea at times like these!  With this resistance at hand, keep a close eye on how the hot performers/relative strength leaders of late,  perform in the near term!

Speaking of respect…I would respect a breakout if it takes place!

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