Stocks Reject Highs. What's Next?
As we told you yesterday in the reports, stocks retraced to 3825. This is a strong level of support. Both Kovach Momentum indicators are solidly bearish, leading us to think the pendulum may swing back soon. Additionally there is a cluster of green triangles on the Kovach Reversals indicating that we are seeing some candlestick reversal patterns. If we do see a bounce, the S&P will likely feel out the range between 3825 and 3867. If we are wrong watch for 3811, 3800, and 3792 to provide support.
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