The State of The Trend
The trends of the three main US indices (DJIA, NDX and SPX) remain up in all three time frames - daily, weekly and monthly. However, they failed to break above the resistance levels identified in our monthly charts. Furthermore, the strength in the technology sector was countered by weakness in the broader market, as represented by the Russel 2000, which broke below multi-week support levels:
This, combined with lackluster $ flow for the last several weeks, increases the chances that the expected pause/pullback may be imminent.
In which case, it is always helpful to have an idea of how far this pull-back may go.
For that we turn to our favorite weekly chart (courtesy of OddsTrader app), and the answer is around 1285: