Stocks Showing Signs of Weakness
Stocks have edged higher, but appear to be leveling off. Election uncertainty will be lifted as results of the 2022 midterms keeps pouring in. The markets are not as concerned in election results as most think, but we may see a small rally now that they're over. The Kovach OBV has flatlined, which could suggest that stocks will hold their course. We have seen a very weak rally with the S&P 500 inching gains for the past week. The price action appears to be rounding off, which could suggest a selloff soon. Additionally, more warnings of a global recession keep pouring in, so it is difficult to imagine this wave of euphoria can sustain. If we fall, we should have support at 3758 or 3714. If we rally, we must break 3909 before considering higher prices.
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