The 2000 market top evolved over a 12 month period as the S&P 500 traded between 1325 and 1550. The index broke this range at the end of 2000 and continued lower in early 2001. Notice that broken support turned into resistance and the throwback bounce retraced 50% of the prior decline. RSI confirmed the support break in late 2000 with a move below 40.
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