the market was seen in process of an important topping, but with scope for another week or 2 of ranging. The market has indeed chopped since, earlier pushing to a slight new high but still seen part of this larger topping. Note that all the previously mentioned negatives remain, including a market that's very overbought after the surge from last July, is within longer term resistance near 133 (see longer term below), is seen within the final upleg in the rally from at least the Feb 25th low at 118.85 (wave 5), and technicals are not confirming the last few months of gains (see bearish divergence on the daily macd at bottom of daily chart below). Can also add to this, the apex of the multi-week triangle during April (where the trendlines meet) occurs during this time and often coincides with market reversals, and the slight, false break of the bullish trendline from Feb 2012. These all add to the view of a topping and even argues that the final top may indeed be in place (though still no confirmation "pattern-wise", 5 waves down on shorter term chart). Nearby support is seen at 131.10/30 and 130.00/25 (apex of triangle).


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