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The S&P 500 continues to reflect relative strength compared to its global counterparts (EEM & EFA). At the current time two of the broadest U.S. index’s are up against key falling resistance lines.
Can enough traders step forward to cause the NYSE and Wilshire 5000 to break these key lines and pull world markets with them? Given enough time almost all support and resistance lines get taken out.
Would be a positive for global markets IF enough people stepped forward to break these lines in charts above and the Dow below.
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Very interesting times and chart patterns, especially with the VIX at fairly low levels and now the Rydex Bull/Bear asset ratio is hitting one of the highest levels in the past 8-years!
