The recent columns of Os (sellers dominating the market price) have been met with buyers (columns of Xs) at the level we see the price today – 2040.
If sellers remain dominant in the marketplace and take the price below 2040, the next support level is all the way down to 1970.
So, today’s level is one of which investors need to aware.
I am not making a prediction as it remains possible that buyers could return to the marketplace and take prices at, or above, the high at 2010 made both last year and again in 2016.
Finally, I wish to point out is that we are all inundated by the media with a lot of “noise” that is, in my opinion, irrelevant.
Remember, the only factor that determines the price of anything is the Law of Supply and Demand. It is the moment-by-moment decisions made by buyers and sellers that determines prices and not who may or not be the next president of the United States.
For more details, I invite you to my website: www.theinvestmentcompass.com