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Seth Golden posted an update 4 years, 1 month ago
Last month we highlighted ourview that long-term resistancein the S&P500 around
the3550 level would bevery difficult to surpass prior to the outcome of the US
election and passage of CARES 2. This view was based on very strong long-term
technical resistance going back to the late 1980s. After breaking through this upside in
early September, the index quickly retreated for its first 10% correction in this new bull
market. On Monday last week, the index once again mustered up a valiant effort to
break through, only to be thwarted once again. We noticed this second attempt also
occurred on less momentum, suggestingthecorrection that began in September is
likely not complete
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