Stocks Maintaining a Narrow Range
Updated
The S&P 500 has been holding a very narrow range between 4763 and 4821. We have been holding this range all of 2022, and into the tail end of 2021. The lack of interest in stocks to make new highs again suggests that we may dip further, finding support at 4729 or 4693. The Kovach OBV is still hugging highs, but does appear to be wavering, perhaps suggesting a bear divergence. If not, the next target is 4854.
Comment
Looks like we got the dip we were anticipating. 4693 held nicely
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