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A series of long-term resistance lines, ranging from 13 years to 31 years, drawn off of Monthly closing prices, meet at one price point at (1) in the chart above. You will notice in the inset chart last month the Dow touched one of these lines and stopped on a dime.
These resistance lines intersect around the 16,000 level, around 4% above current prices. The line drawn off the 1982 lows took place when the Dow was trading below 1,000.
From a long-term/30,000 foot view… the Dow is just a “Pinch away” from key resistance that has marked important emotional highs & lows of our past (1982 low, 1987 high, 2002 & 2003 low and 2011 high)!