On Sunday, May 5, I was looking for the S&P 500 to trade up to 5200 and this could be critical resistance.
Well, we are here now, and this will be key resistance. And there is triple confluence. It is channel resistance, and also the 78% retracement of the all time highs to the April 18th lows.
Also, it could be a gartley reversal level as well. It's going to be do or die for the broad market. If we continue higher from here, all time highs may be made. If we turn lower, a longer term lower high may suggest a turn lower in the broad markets longer term.
