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Thursday, March 28, 2024

The Movie ”Groundhog Day” and Resistance

Courtesy of Doug Short.

Note from dshort: This commentary from Chris Kimble instantly grabbed my attention. Yes, the technical analysis is interesting, but the movie connection was what resonated. Groundhog Day is my all-time favorite romantic comedy, a 1993 instant classic that I first owned on VHS and then on DVD. My wife and I will be watching it tonight.


In the movie Groundhog Day, actor Bill Murray plays a weatherman who finds himself living the same day, Groundhog Day, over and over again. The 3-pack below suggests that many key markets are experiencing the same thing: Resistance.

Prices moved higher yesterday, which was a positive. The 500 index, the Preferred stock ETF (PFF) and Basic Materials (IYM) continue to deal with resistance. Actor Bill Murray found his life boring as the same day kept happening over and over again, which reminds me a little bit of the markets of late!

 

 

Odds are increasing that these patterns will come to an end soon, due to the intersection of support and resistance is at hand!

The key battle now boils down to this: Will positive momentum (which the markets have at this time) be strong enough to get past the technical resistance. Keep in mind that, if momentum can push above resistance, momentum players and the technical crowd will join sides and they should push prices a good deal higher.

 

(c) Kimble Charting Solutions
blog.kimblechartingsolutions.com

 

 

 

 

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