US Markets: NYSE Composite Gives Another Reason To Be Defensive

There are two ways of viewing this chart at present in my opinion. Either the recent weakness shows a failed breakout above resistance or that price is simply retesting the upper boundary of a symmetrical triangle.

Either way, the point to make at this stage is price has failed to hold above the February high an it's interesting to note that RSI has failed to move above 70 suggesting a lack of strength to the rally.

I'm open to all possibilities at the moment but given the mixed outlook, it's another reason to be staying defensive on US stocks as it stands.