Thursday, 12 February 2015

S&P 500 testing key trend line resistance, approaching 2014 and all-time high

Daily chart shows the S&P 500 testing key trend line resistance. Very close to the 2014 and all-time high. Charts include all sessions trade.

Monthly chart shows that if the 2014 high holds, we will have seen big tops in 2000, 2007 and then 2014, with (to state the obvious) periods of seven years between them. Also the 2000 and 2014 tops will have occurred at the top of a trend channel formed from lows in the early to mid 1990s. Both neat patterns. Doesn't seem much chance that these patterns will exist for more than a few more hours or days, but let's see.