Technical Trivia of Current Interest For S&P 500

The first two noise cancelling charts show the short term resistance created by a double top in SPY and a triple top in the S&P 500 index itself.

One psycho-social explanation of the effect of double and triple tops is that some of those who bought there are in loss positions and are waiting for a chance to get out even.  As the price approaches the former top, they sell creating downward pressure until those weak hands are exhausted (the third chart helps visualize that phenomenon).

(click images to enlarge)

2015-11-11_SPY Renko

2015-11-11_SPX_RENKO

2015-11-11_SPX_VBP.

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