On Friday May 18th the S&P 500 closed in my opinion at a very important monthly resistance line dating back multiple decades. While it is definetly highly likely that price will peak it's head above this resistance line will it close above this resistance line on a monthly basis? Nothing has stopped this explosive & parablic move in equities so far & before the month of May is over will a long awaited correction start? Stay tuned for the next few weeks! Below are the same charts with one showing a very close view of what I believe is important resistance line (white) the other it's longer term relative dating back a few decades.
(click to enlarge)
Disclosure: I am short OEF.