Stocks Wavering, Looking Weak
Updated
Stocks are forming a bear flag with a POC right at our 4188 level, which is a technical level and a Fibonacci level. We have adjusted our stop loss just above 4228, but the more conservative could adjust it to break even, or a few ticks in profit. We have one more level from below, 4165, before our target of 4147. If we are wrong and we get a burst of momentum, then 4214 will be the first level to provide resistance. The Kovach OBV is still pretty flat, suggesting life has not returned to stocks and we need more enticing prices.
Trade closed: stop reached
NFP numbers blew this trade out of the water. May look to reenter at current levels
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