SPY would make all time highs by touching either the pink or the red upper trendline, EVERY SINGLE TIME since July 2013 with no exception. Except since July this year.
SPY made a couple of all time highs since the end of July, but each time it has failed to touch the upper trendlines, in fact, it has gotten farther away from the upper trendline while making all time highs. Is the velocity of SPY increasing at a decreasing rate? (Not a rhetorical question, I'm really asking you, I barely passed Calculus) But it looks to me that it's running out of steam.
I drew a third upper trend line, starting from the end of July, and if you look at the 3 trend lines all together, each trend line flattens a bit as time goes by.
Keep your friends close, and your enemy closer. So, bulls, please don't bully me.
does depend on where and why you've placed your own personal version of resistance but overall, yes I agree with your post here
H_Chinasky
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Agreed, everyone of us has a different view of where the resistance is, which is why I drew 3 resistance lines to capture all possible resistance, to make it less arbitrary and more objective. Resistance is not linear, it usually encompasses an area.
Johnathan
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Resistance is not linear, it usually encompasses an area. - Yes, I think I know that!