Anyone noticed it's 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.
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The large decline on Monday caused 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.
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