Stocks Due for a Breakout??

28 thg 7, 2021

After making new highs, stocks are trading sideways, which was our prediction from before. After recovering from renewed Coronavirus panic, the S&P had a V-shaped recovery and made all those losses back and then some, making new highs. It is reasonable for stocks to range or retrace after such a move. We should continue to see support from 4389 and 4380 but if not 4364 or 4350 should hold. Our next target is 4431. The Kovach OBV has dropped precipitously, suggesting that we will at least see more ranging at these levels before another burst of momentum.