Ribbon Study and the S&P

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I was going through all the technical indicators in ProphetCharts today, and I found something rather interesting about the Ribbon Study. Looking at the daily chart, the ribbons (which are made up of sixteen different moving averages) tend to "harden" to show broad turning points, creating strong support or resistances for the price action. I don't latch on to many technical indicators, but I confess that I found this was thought-provoking: