Wednesday, 21 October 2015

S&P 500 testing top of trend channel, parallel channel to those subsequent to 2000 & 2007 tops

S&P 500 daily chart all sessions shows the market testing resistance at the top of the illustrated blue trend channel. As shown last week in this post, that channel runs parallel to channels formed following the initial declines subsequent to the 2000 and 2007 peaks. Also, as shown below, it runs parallel to other lines of support and resistance from the past year.