Stocks have picked up to 4228, after finding support at 4193. We have alerted you that stocks would likely find support here, since it is the 0.382 Fibonacci level, coinciding with a strong technical level of support. Technically, the profit target for a cypher pattern such as our butterfly is a 50% retracement of the CD segment (last leg of the pattern), but stocks are showing some unusual resistance in the face of such a hawkish FOMC statement. It is still not out of reason for the S&P to dump further. But the Kovach OBV has leveled off suggesting we might range at current levels first, before making a move. From above we have 4245, and from below we have 4188. These are reasonable targets to the upside and downside, respectively, for the next move after current levels.
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Profit target reached at 4188!! 🥳
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