Anyone noticed its been a wild week? Has anything been proven with all the volatility the past 5-days?
What happens at (1) below, could tell us a good deal about what type of damage did or didn’t take place this week!
CLICK ON CHART TO ENLARGE
The large decline on Monday cause the S&P 500 to break support of this rising channel.
The mid-week rally pushed the S&P higher and as of this morning it is kissing the underside of old support as resistance now, near the 50% retracement level of the large decline over the past few weeks.
Why could this be a dangerous kiss? This is not a place that S&P 500 bulls would want to see sellers step in and push it down hard!
Joe Friday Just The Facts…This could be a dangerous kiss of resistance for the bull trend. Bulls want to see the S&P get back into its rising channel!