Exuberance Fading in Stocks
The S&P saw a nice rally but the hope soon faded. We were able to break 4272, but rejected 4293. Bulls are encountering steep resistance at multiple levels and the momentum we saw just doesn't seem to be sustained. The Kovach OBV has edged up ever so slightly, but has quickly leveled off. We appear to be finding support at 4243, confirmed by two green triangles on the KRI. However we must solidly break 4272, then 4327 in order to begin to establish a bull trend and consider higher levels again. We should see support at 4144, then 4122 which should be considered a floor price for now. In the event of an absolute melt down, if 4122 does not hold, there is a vacuum zone down to the low 4K's.
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