S&P 500 Consolidates the Range Slightly
The S&P 500 has continued the range between 4068 and 4214 or so. The upper bound of this range seems to be waning, with lower highs possibly suggesting we may be forming a bear wedge or flag. Either way, volatility does seem to be consolidating slightly, which in the long run portends a breakout. The Kovach OBV is drifting up, which may signify a bull divergence, potentially giving bulls some hope. Keep in mind there is a vacuum zone below 4068, which is the neckline of our inverse head and shoulders pattern that failed early May. If we break this, we are clear to test the lows of the 4000 handle again.
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