Psychological resistance is a person's refusal to change their behavior directly or indirectly to a certain set of events triggered by a past circumstance in the market place that they refuse to discuss, remember, deal with or even think about. We call this resistance "pissed off supply". They sell simply because this is exactly where they bought weeks, months or years prior. For no other reason than that.
Technical resistance on the other hand is completely different because it's "rational behavior" done by far fewer market participants and in this update, I will explain why the 1,100 "psychological barrier" that I keep talking about will soon end as we get buyers around the 1070 level. In fact, that is the range of the market all week. Not a coincidence!
