S&P 500 Unable to Clear 4000
Stocks have been wavering at lower levels and just can't seem to break 3978. This is a technical level, about midway through our inverse head and shoulders pattern. This lackluster behavior is to be expected as the break down from the inverse H&S pattern is a very bearish sign, and portends strong resistance if we do try to inch back up and test highs. The neckline at 4068 will be an incredibly difficult barrier, as we are clearly seeing. We should see support from around the level corresponding to the 'head' in the low 3800's. If not, we are clear to test the 3700's.
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