QuantitativeExhaustion

NYSE Composite Historical Chart

INDEX:NYA   NYSE Composite
971 1 21
When unsure where the market is headed it's always a good idea to look at the historical chart for clues.

I went through the charts and looked for support/resistance , both horizontal - ascending/descending with significant confluence. During the late stages of the tech bubble, bulls had a tough time passing the ascending resistance (shown in purple). I extended those lines, because they are once again present.

Cloned rectangles I present also hold significant horizontal support/resistance .

Right now I suspect a top, but others might disagree. I see the 9700 level in the NYA             as a major threshold that will take some time to break. 9700 level held as milestone for both bears and bulls as the horizontal support/resistance area in 2007. In 2008, 9700 was the throwback top when oil             prices reached all-time high, and later the NYA             corrected.