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The S&P 500 has remained above rising support line (1) for nearly 5 years . The decline in stock prices this month took the S&P below this support line and below its 100MA for the first time in years.
The rally in prices over the past week now has the S&P kissing the underside of this old support line and its 100MA, at the same time right now.
Bulls might be a little scared that this dual kiss of resistance could end up being a high in prices.
When is comes to importance, this is “Munster Sized” to see whether the bulls or bears win at this key price point!