Stocks Due for a Lift?
Stocks caught a small bounce in the overnight session, likely a relief rally or overnight low liquidity drift. It has since almost fully retraced that small pathetic bounce. The S&P seems due for a relief rally, if not a recovery. There is only so long the stock market will soak in panic from all this coronavirus propaganda. We are currently sitting at support from the 23.6% Fibonacci level. There is a relative vacuum zone up to 3339, the next Fibonacci level, with only two levels in between: one at 3308, and 3329. The Kovach OBV has been very bearish but has stabilized for now. Let's see how it acts around the open. If we are wrong, stocks could continue their descent all the way down to relative lows at the Fibonacci Anchor at 3211, but that is a worst case scenario.
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.