Stocks Face Headwinds
The S&P has retraced significantly from highs. We are seeing quite a bit of volatility as large price swings of a full ATR or more are quite common with this product right now. These price swings have even registered with the Kovach OBV which is telling us there is a lot of momentum here in these buying and selling waves. The Kovach Chande is at highs. Since this is an oscillator, it is saying that the pendulum has swung to the buy-side and we are due for another retracement. If we are correct, we can expect the S&P to test 3713 or even 3675. From there it should find support. if it is able to breakout to the upside, there is a vacuum zone back to 3792
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