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The broad market index, NSYE, looks to have hit resitance lines dating as far back as the low in 1987 of late, which looks to have slowed/stopped its upward momentum. Now this broad market index looks like it is breaking support dating back to the 2009 lows.
A key “kiss of resistance” is taking place at (3). Sometimes this kiss, can be a kiss good bye! Watch the NYSE very close as it tests the underside of resistance!
The “Dead Cat Bounce” is in serious condition
Looks like a medium term Head & Shoulders, at the top of the rising wedge, it morphed from what was supposed to be an Inverse Head & Shoulders, that failed on the Neckline retest, Price sometimes moves rapidly against failed formations
S&P point and figure charts are showing a Double Bottom Breakdown support at 1250, target 1200
Equities have been Cycling since mid March and now an inkling of a Down Trend is appearing from the May high according to the Hilbert Sinewave…during the Cycling period the above mentioned Formation where being built
InvestorX
Looks like a 16/17 year head n shoulders? 1996/97 to 2013/14? Hate to think we could go back and test the 1997-2003-2008 support line. I am not very experienced at these longer time frames.