S & P - Retest Of Highs? Or New Highs?

"May you live in interesting times," Chinese proverb.

Anyone who trades futures lives in interesting times every day. There is nothing that has not already
been seen in the markets, yet we have not been able to master them. Why not? We are dealing with
human emotion. There is no chart for that. Well, that is not quite true. The futures charts capture the
human element behind all trading, for what else are charts but the collective results of decision-making
from all participants.

"And your point would be?"

Just when it appears that the market has made an important turn, to the downside, making new highs
is a consideration that cannot be ruled out, as the weekly chart suggests. It will be interesting to see
where price is on the one year anniversary date of last March's low. It will also be interesting to see
how price reaches whatever level it attains on that date. Maybe it will be a non-event? One can never
know for certain what the future holds in futures. One does not need to guess, either. Let the charts
unfold and reveal their intent. (more)