This was a wonderous week for bears. I say this not for the obvious big red bar that we put in for the charts, but because of the levels we broke and held beneath and why they are key to the continuation of this bear market.
Here on the Daily Chart I circled the several times which 3900 has played an important support/resistance all the way back to May 2022. We have since tried to reject/tried to bounce many times only to fail in each direction for going on 10 months now. The scariest crossover was in January 2023 as this seemed to be a nail in the coffin for most bears. The last bounce off 3900 was very volatile and strong and shot higher to break the descending trendline which EVERYONE was boasting about, not to mention the “Golden Cross” which CNBC and other nontechnical talking heads were highlighting.
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