A breakdown here would indicate long-term momentum is continuing to stall.
The purple line is long-term resistance that is generally well-respected. If we continue to respect this line, I think the markets will have a tough time grinding higher without the bears stepping in. The dashed red line is a broken long-term trend-line for the current bull market, which strengthens the bearish case IMO. Overall, I am neutral-to-bearish, and am looking at an initial price target of roughly 1150.
The purple line is long-term resistance that is generally well-respected. If we continue to respect this line, I think the markets will have a tough time grinding higher without the bears stepping in. The dashed red line is a broken long-term trend-line for the current bull market, which strengthens the bearish case IMO. Overall, I am neutral-to-bearish, and am looking at an initial price target of roughly 1150.