Stocks Test Lows
Stocks have opened in the red this week. The S&P 500 has retraced almost the entire range, from 4408 down to 4144, just a few points away from the relative low at 4122. We are currently seeing a nice pivot from that level confirmed by a green triangle on the KRI. However the Kovach OBV is still quite bearish. The key level to watch is 4122. If this fails to provide support, then there is a vacuum zone below to 4068 and 4009. If we somehow catch a burst of momentum, then 4392 is the next target.
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