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A resistance line that ties in the highs of 1987 and the lows of 2003 impacted the S&P 500 last May. Now this line is coming into play again at (1) below.

When it comes to portfolio construction, sometimes it pays to harvest some risk assets at long-term resistance lines. Pulling back on exposure last May paid off as the 500 index was hitting this 25-year line.

Will it be any different this time around?

 

 

 

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