The market breadth looks plenty strong in spite of the length of the move off the March low. The SP500 index (SPX) price closed at a 2009 high today although volume was not especially strong. About 10% above today’s close is the 1×2 descending angle. Within a few percent of that are the 75% price level and the 1×2 ascending angle. I doubt price can make it through these angles after the move of the previous 180 plus days.
The Nasdaq Composite also closed at a 2009 high and volume was up slightly on this index. Very strong resistance is about 15% above at the 1×1 long term angle. I don’t think this index has 15% left in it. But if it does, the 1×1 descending angle will most certainly stop price for several months.
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