Stocks to Retrace from ATH's

8 thg 2, 2021

Stocks are facing some resistance at 3909, after breaking new highs once again. Our Fibonacci extensions predicted a price target of 3928, which the S&P will hit once it is able to break through 3909. It is likely that it will retrace from here first. The Kovach OBV was strong but has plateaued, and the chande (purple line) has dipped notably. We are still bullish of stocks but must note that the pendulum has swung to the bull side, and it's natural for it to swing back before another push for all time highs. The levels 3867 and 3848 will give us support. Currently we are finding some support at the psychological level of 3900.