Home > charting trendlines, Financial Ponzi, investing, Stock Market, technical analysis > Can Bulls break into the clear? Not Yet.

Can Bulls break into the clear? Not Yet.

Risk assets have spent the last 48 hours rallying like Sebastian Loeb in Monte Carlo.  Then I guess it’s not so surprising that some potential resistance is upon us already.  Below is a 3 month intra-day chart:

You can see that we’ve rallied back to challenge the pennant that had formed prior to the most recent breakdown.  And, funnily enough, we seem to be hitting right where the top and bottom trendlines intersect!  Looking back 5 years, we are coming up on a number of longer term resistance trendlines as well:

I think it’s also worth noting that the 30 year Treasury bond has fallen back to its 2008 highs, which could be supportive if deflation is to be a near term risk:

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