A Line That Matters

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Unlike President Obama’s multiple “red lines” (which are evidentally all-too-easy to cross), the lines being laid down by the market have staying power. Markets surged to lifetime highs on March 4th. They had another shot to do so on the 21st, but they failed by falling short. Since then, we have crossed below the cyan trendline which goes back over fourteen years. April is going to be a good month for the bears.