It has been suggested that the S&P has been forming a supermassive 'head and shoulders' top formation, first shoulder in 1998, the "head" occuring in 2000, the 2nd shoulder in late 2001-early 2002. If that is so then the "neckline" zone (long red line connecting 1998 and 2001 lows, and approx. where the market is now) is supposed to be a zone of some pretty stiff resistance.
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