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Last week, I shared a really big chart with everyone; it had lots of "stuff" on it that told the story of the past few months as we transitioned from smooth, unambiguously bullish action to the violent rallies and sell-offs – volatility – that defined the end of 2018.
Today, we'll look at just very recent trading, so we can see that the two main support and resistance levels are still in play in stocks. We're not strolling down memory lane; a lot of unprepared investors are going to live or die by these levels, and folks "in the know," like us, will determine their moneymaking posture using these numbers.
In fact, I'll go one better: I'll add two levels – one short-term support level, and the longer-term resistance level that will come into play when 2,600 is finally broken one way or another.
With that, let's look at where the market "needs" to be – and where I think it might end up…
About the Author
D.R. Barton, Jr., Technical Trading Specialist for Money Map Press, is a world-renowned authority on technical trading with 25 years of experience. He spent the first part of his career as a chemical engineer with DuPont. During this time, he researched and developed the trading secrets that led to his first successful research service. Thanks to the wealth he was able to create for himself and his followers, D.R. retired early to pursue his passion for investing and showing fellow investors how to build toward financial freedom.