Stocks caught some support off 3810. It seems Powell was able to assuage their fears at least somewhat. Currently, we appear to be forming a small bull flag after that rejection from lows. We could be gearing up for another breakout. Stocks have quite a bit of territory they need to recover and they are oversold at this point. The Kovach OBV is picking slightly, still not in comparison to the selloff, but it could indicate we are gearing up for a breakout. Finally, we appear to have a head and shoulders with a sloped neckline meeting a level at 3886. It is from this level that we will break out if we get momentum. A breakout could take us to the 3900 handle easily, namely 3909, 3927, or 3937.
Trade closed: target reached:
First AND second profit targets reached!! Came EXACTLY to our levels!!
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