Resistance is ahead for the stock market

The S&P and Nasdaq 100 moved above the mid point of their prior drops over the last two days, the DOW is still below its similar mid point. This is a bullish signal and suggests higher prices. But, look at all the large number of bars that had been moving sideways, in the graph below, before prices crashed. Many investors, especially the small ones, are waiting for the price to get high enough so they can finally sell without losing a lot of money.

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