Once again, if you’re looking for additional context, see my previous charts.
It turns out that my original levels of support and resistance proved accurate, with 7300 forming support on the mid-May retest. 8300-8400 was a level of resistance till the pennant structure broke out to the upside (see illustration below).
We saw a retest of 8400 at 5/28 and 5/29, and it appears to be holding today. Things are looking good for the bulls. 9k seems very attainable at this juncture, which, if breeched, should fuel a move up to 10k, the next level of resistance.
It turns out that my original levels of support and resistance proved accurate, with 7300 forming support on the mid-May retest. 8300-8400 was a level of resistance till the pennant structure broke out to the upside (see illustration below).
We saw a retest of 8400 at 5/28 and 5/29, and it appears to be holding today. Things are looking good for the bulls. 9k seems very attainable at this juncture, which, if breeched, should fuel a move up to 10k, the next level of resistance.