Stocks Gearing Up for a Rally??
Stocks appear to have bottomed for now, forming a bull wedge consolidation pattern at lows. The level 3624 appears to be a hard lower bound for now. We are due for a relief rally, as stocks are broadly oversold. If so, 3825 is a likely ceiling, as it is a relative high from last week. However, the value area between 3714 and 3792 seems a reasonable target if we are able to break out. If things turn south, then 3624 should provide support, but if not, we are clear to test the lows of the 3600 handle.
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