Stock Indices Reach Resistance And Retreat

In last night’s Briefing, I provided some important resistance numbers. The Indices came within a hair of reaching those levels and retreated. While there is still a possibility that this rotation that began last Thursday is morphing into something greater in time and price, it will be important for the Indices to not trade much above today’s high. If they do and breadth is strong, we will likely trade above resistance and it will confirm a greater degree rotation up. On the other hand, if breadth is weak above today’s high, expect some type of rotation back down.

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