In my continuing lust for a market that has become increasingly plague ridden according to popular perception, I would like to present the following chart showing a key level of support that the market responded to in a dignified manner during today's trading. This dignified response to such an important area of support is yet another clue, in addition to recent small-cap outperformance, that the undercurrent of the market is bullish in its intent. Not many people can see it in the midst of the noise. But that is what bottoms are made of.
In the chart below, I reference this article from exactly one year ago today titled "The Resistance Level That Matters The Most For The Bullish Case Going Forward." The resistance level of exactly a year ago is the support level of present day.
The market is a poet.
click chart to enlarge
