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Support and Resistance

The proverbial horizontal support and resistance
If you take a look at this chart, you'll notice something really simple.  The same levels that created a floor in the first part of the year are the same levels creating a ceiling for the latter part of the year.  This concept can be as simple or as complicated as you wanted it to be.  You can look at the macro perspective and relate this chart to headlines that have moved the market throughout the year.  Or you can just look at this chart without analyzing the macro perspective and realize that the chart is the same from either perspective. It is what it is and if you don't understand that, then you'll be fighting a losing battle.  The only thing you should be focusing on as an investor is on whether the markets penetrate this amazing line of resistance or not.