While I have frequently remarked about a "pesky" lower trend line which generally kept the market above 2050, I lost sight of the fact that it has a counterpart running close to parallel above.
Both predate the recent channel down, most of which is "inside" the channel going up. Almost an optical illusion in that 75% of the weakness was within a channel going up.
After allowing the market to tag a daily R1, the bulls reclaimed control at the bottom of the "old" channel sloping up and blew through the top of the channel sloping down as if it were not there.
And the bulls took control of the market at favorable prices
And not by coincidence, the market is struggling in the 95/96 area which is where it is encountering both resistance and the upper trend line
Both predate the recent channel down, most of which is "inside" the channel going up. Almost an optical illusion in that 75% of the weakness was within a channel going up.
After allowing the market to tag a daily R1, the bulls reclaimed control at the bottom of the "old" channel sloping up and blew through the top of the channel sloping down as if it were not there.
And the bulls took control of the market at favorable prices
And not by coincidence, the market is struggling in the 95/96 area which is where it is encountering both resistance and the upper trend line