Stocks Finding Support?
Stocks have retraced, hitting our exact target of 4068 and finding support. Recall that this was the head of the inverse head and shoulders pattern that failed mid May. Failed inverse H&S patterns are usually bearish omens and stocks were in the doldrums for basically the rest of May. However toward the end of the month, we were able to break out, but 4068 remains a strong level. We were able to make a run for 4200, but met resistance and retraced. Currently we are ranging in the vacuum zone between 4068 and 4122. The S&P 500 may attempt to establish here. If we retrace further watch the vacuum zone below to 4009. The high just below 4214 should serve as a ceiling for now.
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