Monday's sharp decline once again below 2900, although not dramatic,
reestablished the weekly parallel resistance line cutting across the S+P 500 chart.
It is an important resistance line so I''ve taken the liberty
to draw it here, across the Weekly Chart
so you can clearly see what I am referring to.
Once price reenters a price area below the previous bullish breakout box area
sellers have succeeded in moving price away further from the apex,
in this case, my continual reference to big number 2900.
As long as this weekly pattern breakdown stays below resistance,
buyers will soon find in much more difficult,
to recapture higher price levels above S+P 2900, in the future,
unless this downward price retreat is stopped very soon.
THE_UNWIND
8/12/19
NEW YORK
reestablished the weekly parallel resistance line cutting across the S+P 500 chart.
It is an important resistance line so I''ve taken the liberty
to draw it here, across the Weekly Chart
so you can clearly see what I am referring to.
Once price reenters a price area below the previous bullish breakout box area
sellers have succeeded in moving price away further from the apex,
in this case, my continual reference to big number 2900.
As long as this weekly pattern breakdown stays below resistance,
buyers will soon find in much more difficult,
to recapture higher price levels above S+P 2900, in the future,
unless this downward price retreat is stopped very soon.
THE_UNWIND
8/12/19
NEW YORK