No bearish resistance line because the bullish support line (blue) is so far down below. The falling dollar has a lot to do with how far up the EFA has come since 2002.
It is possible that there could be a LOT of O's straight down before it ever made it to a red line appearing. However, that still means we have some opportunities to jump in on upticks, where I would NOT do the same right now with the S&P.
Later-
J
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