S&P Kissing underside of two multi-decade channels

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The long-term trend in the S&P 500 is up and nothing over the past 6-weeks has changed that trend!

The chart above reflects that the long-term rally in the S&P 500 has it kissing the underside of two long-term rising channels at (1).

This is a price point where bulls do not want to see selling pressure getting started!

Below looks at key indices on a shorter-term perspective-

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Six of the eight key indices remain below highs hit back in January. Micro & Small Caps closed at January highs last week. Bulls want to see the January highs taken out. They don’t want to see lower highs and selling pressure get started!

 

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