Chris Kimble writes: “Long-term support resistance dating back to 1987 looks to be at hand right now. This line stopped the rally back in April, this time going to be different?”
I am not sure why this line would be significant. In terms of supply and demand, I strongly doubt anyone is hanging around waiting for prices to return to that trend line to buy or sell.
The only explanatory that possibly works for me is the long term trendline in GDP, earnings and interest rates create an approximate fair value. And even that is a bit of a stretch.
Regardless, here is your chartporn of the day: