Stocks Selloff, Quickly Regain Value Area
Stocks faced a steep selloff yesterday, sailing through the vacuum zone below the 4600's, to find support exactly at our level at 4580. From there, we caught a nice pivot back to value in the 4600's. This is a strong sign for bulls who were hoping to see a bottom in stocks soon. The fact that it was bought up so quickly, suggests we are trying to establish value in the 4600's. Once all the Fed hike and inflation data has been absorbed into the markets, then we are in a position to seek highs again. Currently, we are testing 4693, the last level in the 4600's, but a red triangle on the KRI is suggesting we are meeting resistance. The Kovach OBV is still pretty flat and hugging lows, but if we get another wave of buying, we could easily solidify the 4700's again, with 4729 and 4763 the next targets.
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