Stocks Fail to Break Out
As anticipated yesterday, the S&P 500 has rejected highs and sought support 3810, just under the mid point of the range the S&P 500 has been holding for July. This retracement was highly probable because we did not see the momentum follow through at open that it would take to break out higher. From here, we could test lows again, around 3737, which should hold as a floor. If momentum returns, we could test highs again at 3909, and potentially form a bull wedge pattern at this level which could indicate a potential breakout later this week.
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