The S&P 500 Tanks, Will it Find Support??
Stocks got hammered after testing resistance at 4504, just one level down from 4521, a relative high and the exact level that we predicted would provide resistance yesterday. We completely retraced the progress stocks have made from relative lows at 4364. The Kovach OBV has slumped, but does appear to be curving as we are finding support. If we are able to pivot off current levels, then 4521 remains our anticipated ceiling. If we are able to break down further, then 4327, a relative high, seems like a reasonable level to expect support.
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