Stocks Looking Weak
As predicted here, stocks have fallen from a failed inverse head and shoulders breakout. We were able to predict this due to the incredibly weak 'breakout' from the neckline at 4068. We also noted that this was a very bearish omen, and called out the exact level of support at the head of the inverse H&S at 3887 or so. Currently, we are seeing a bit of support here, but the brief rally is nothing compared to the magnitute of the previous selloff, and this is confirmed quantitatively by the Kovach OBV, which is still incredibly bearish. If we fall further, its uncharted territory, but we should have support at the base of the 3800's. If we somehow muster the strength for a rally, then we must break 4068 before testing higher levels, which is a barrier for now.
Join my discord at discord.io/quantguy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.