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S&P500 -- decade-long chart

Started by pkamm, 05/30/2003 10:52AM
Posted 05/30/2003 10:52AM Opening Post
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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pkamm's attachment for post 6506
Posted 05/30/2003 12:20PM #1
Yeah -- "resistance" as opposed to its opposite, "support"

A lower extreme of a move, such as that defined by the 1998 and 2001 low's, is typically described as a "support" level, and, if breached to the downside, traditionally then becomes a "resistance" level against upward movement.
Posted 06/05/2003 01:53PM #2
That is the most beautiful, ie UGLY looking chart. Wow if that head and shoulders works, we all be in trouble.