Another Major Index At A Crossroads
By Tyler Durden
By Dana Lyons
Will these trendlines prove to be the resistance that potentially puts a pause – or end – to the post-February rally? Only time will tell. We will note that over the past 24 hours, we have begun to see some indices make an attempt at breaking out above their aforementioned lines of resistance. So bulls can argue that the scales may be tipping toward the side of positive breadth, momentum and sentiment winning out over price resistance. However, it’s too early to definitively make that call.
Furthermore, if these breakouts do occur, it will be crucial to monitor the indices to see if they can maintain their breakout levels for more than a day or two. Should they fail to hold for more than that, it will be just as damning, or more so, than had they failed at resistance in the first place.
Either way, next week promises to be another interesting one in the market.
Source: Another Major Index At A Crossroads
