Similarly, S&P hit upper resistance on 9JUN14 then retreated and is now trying again, but seemingly failed yesterday (24JUN14). Similar to January's action, the failed to confirm the new high. Today's action (25JUN14) shows snapback rally to trendline----kissing/hugging it yet failing to get above it. So, will S&P action be similar to mid-Jan14's failure then sharp retreat....or will S&P finally break above the resistance?
With extreme bullishness (Put/Call, sentiment surveys, etc.), VIX at/near multi-year lows, one could make a very convincing argument for bears here.