July: – not the same chart but key HVN was 1968/71. Heavy selling yesterday but the market was too short too early in the day and early sellers paid those who waited to sell the FOMC up move.
On a longer term basis the chart is making the same pattern over and over again, move up, sellers, drop down to support, move up. This has to be respected.
I noted some aggressive selling at 1970/1980 on Friday. Also: participants caught short from the day of the Malaysian Airlines crash near 1940’s. These guys will be reluctant to buy at high prices if they are short at the lows.
Prior balance and breakout area is near there too at 1945/50.