In 2011 and 2016 the S&P 500 and the ratio both faced resistance at the same time at each (1). Once a breakout by both took place at each (1), both experienced strong rallies for months to come.

Currently, the ratio is facing falling resistance at (2) and the S&P is facing falling channel resistance at (3). Does the S&P need the ratio to breakout at (2) so it can break out at (3)? Good odds!

Keep an eye on what banks do the next few weeks as they could send a very important message to the broad market!!!

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