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Technical analysis is more psychological/sociological speculation on investors than an exact science of chart patterns. An index lets us (everybody) observe where others were willing to buy and sell in the past. Everybody wants a discount on what they think is the true value of stocks. The stock price at the end of the previous Friday and into Monday was a price buyers knew they could find a safe discounted entry. The highs Thursday morning was where sellers thought they could get their best price ...