Breakout Soon for Stocks??
Stocks have leveled off, trading pretty flat yesterday. Volatility has consolidated quite a bit, suggesting that a breakout either way is near. The Kovach OBV has completely flattened with this ranging. We are finding support at 4649 and 4632, two levels we called out yesterday. Beware of the vacuum zone below to 4580. If we are able to catch a bid towards open, the next target is 4693, then we will be in a position to make a run for highs at 4729 after that.
Note
As predicted, stocks break out! This is likely due to enthusiasm over the fact that Johnson and Johnson is breaking up into two companies: one for pharmaceuticals, another for consumer goods.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.