Momentum Fades for Stocks
Stocks appear to have topped out for now just under our level at 4214. We've since retraced, finding support at 4122, just above the vacuum zone to 4068. We are seeing several green triangles on the KRI which confirm the support. It seems that stocks are ranging and establishing value between 4122 and 4178. Optimistically, we might be forming a bull flag pattern, however the Kovach OBV has slumped, suggesting we will need more momentum to come through to break out of it. If so, we must break through 4214 before we can hit our next target of 4306. If support does not hold, watch the vacuum zone below to 4068.
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