Why I Want the Market to Fall
It’s Ross Givens here, back with the Chart of the Day. Observing the Nasdaq 100’s ascent to a 52-week high, I delve into the intricacies of major indexes, focusing on the S&P 500. Historical patterns reveal that significant levels of support and resistance are rarely swiftly surpassed. The current challenge lies at the crucial 460 level on the SPY, a battleground with a history of transforming from resistance to support. As we approach this key juncture, the process of digesting previous sellers may unfold over the next few weeks, shaping the trajectory for a potential rally into new highs.