Resistance still in place

I noted yesterday some of the bullish undercurrents within the market.  The weakness of the US Dollar.  The outperformance from tech.  The strength in copper and oil prices.  Today, we’ll go the other way, noting that significant resistance remains in place for both the Nasdaq (QQQ) and S&P.  The QQQ actually has the more bearish pattern as it looks like it’s still within – and near the top – of a possible long term bearish (rising) wedge:

Chris Kimble, the best technical analyst on the web as far as I know, point out that a possible Head and Shoulders remains in place for the Wilshire 5000.  We can see in the S&P (SPY as the proxy) chart below that resistance remains, and the S&P could also be interpreted as a Head and Shoulders:

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