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Two of the U.S. broadest index’s (NYSE Composite & Wilshire 5000) are both facing a series of resistance lines that so far stopped them on a dime towards the end of May. Could the confluence of resistance lines at this time become important since they took place in May (Sell in May and go away)?
The Fed is to announce its thoughts on QE to infinity & beyond tomorrow, can the action they take push these key index’s past resistance? A breakout above these lines would be a positive for sure.
Is this resistance “too tough of a nut to crack right now?” Stay tuned, these are important levels for Ben and the Fed to break!