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S&P 500 Index
Long

Cautiously Optimistic of Stocks

By quantguy
Stocks have edged upwards. They are ping ponging between the lower bound trend line of the channel pattern, and 3714, which is a very significant level. It has provided resistance in the past, now it provides support. Until the S&P can definitively break this trend line, we are skeptical of the rally. Avoid fomo at this point and aim for a good dip to enter. We could still see another retracement to 3694. The Kovach OBV is flat, which is adding to our skepticism. Conclusion: be cautiously optimistic of stocks right now
Chart PatternsEquityghostsquawkTechnical IndicatorskovachS&P 500 (SPX500)StocksstonksTrend Analysis
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