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This afternoon Chris Kimble sent me a trio of annotated index charts with some interesting osculatory analysis (a flashback from my 9th grade Latin class).
Chris comments: Often after support is broken, a rally takes place and the old support is tested as resistance. Some of the biggest declines take place when an asset cannot get back above the old support line, which is now resistance and starts pushing away hard and fast.
Three key markets, Russell 2000, Nasdaq 100 and the S&P 500 are kissing the underside of resistance right now.
The micro action at resistance could very well impact the macro picture. Key a close eye on this potential "kiss good-bye!"
Right now nothing has been proven. Yet over the past week the Nasdaq 100 is acting the weakest of the three.
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