Why We Are Still Not Hopeful of a Stock Rally
The S&P 500 has edged up but remains volatile. We made a brief run for relative highs at 4327, but that was swiftly rejected. We appear to have bottomed out at 4214, where we have found support. It appears that we are seeing a slight pivot from this level, but are facing resistance at 4245. Despite hopeful headlines for stocks to rally here in the West, Chinese stocks have tumbled in their worst day since 2008 over concerns about China's close relationship with Russia. We highly doubt we will see a significant rally today, but if we we do, we must break 4327, before we can hit higher levels. The next significant target after that would be 4408.
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