I say current top because it could be only short term
resistance. But let’s look at a chart:
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You can see that for no less than four times over the last
two months we have seen the market attempt a new high but only to retreat. The attempts are actually closer to seven. There is nothing ominous about this. It is more likely at this point the market
will take a breather.
Volume is still strong:
Click to Enlarge
So I would expect that at worst – for the moment – the
market may just ease rather than fall apart.
This is typical at the top of a market phase.
On a weekly chart we can see that the market is also sort of
topping out:
Click to Enlarge
The monthly chart suggests some easing will eventually come:
Click to Enlarge
The weekly chart on the DOW suggest similarly:
Click to Enlarge
It is a sort of truism – ‘what goes up’ mostly ‘comes
down’.
But ‘the when’ is the bigger question.