Bull Breakout for the S&P??

Mar 15, 2021

Stocks are looking pretty bullish lately. There is a clear bull channel and the Kovach OBV is very strong. We appear to be forming a bull wedge consolidation pattern, suggesting that a further breakout could be approaching. If we are right, a breakout could easily take us back to 4000's. If we are wrong we could retrace the entire move and find support at the neckline of our head and shoulders pattern from earlier this month. Further fallout could take us back to the level which constitutes the head of our inverse H&S pattern at 3737.