Cautiously Optimistic of Stocks
Stocks have edged upwards. They are ping ponging between the lower bound trend line of the channel pattern, and 3714, which is a very significant level. It has provided resistance in the past, now it provides support. Until the S&P can definitively break this trend line, we are skeptical of the rally. Avoid fomo at this point and aim for a good dip to enter. We could still see another retracement to 3694. The Kovach OBV is flat, which is adding to our skepticism. Conclusion: be cautiously optimistic of stocks right now
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