Courtesy of Chris Kimble.
The rally off the December stock market lows has been strong, to say the least. The S&P 500 rallied 25 percent before hitting and testing the 2018 high.
The old highs proved to be formidable resistance and ushered in some volatility in May… and a 5 percent pullback.
In today’s 2-pack, we look at that resistance level – could that be a double top? We can see similar patterns develop on the S&P 500 Index and its Equal Weight counterpart.
Both indexes are testing short-term Fibonacci retracement levels of the recent decline at point (2).
What takes place here after potential double top highs will be important. Stay tuned!
This post was first written for See It Markets.com. To see original post CLICK HERE.
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