As Predicted, Stocks Retrace
Stocks have rejected 4580 as we anticipated yesterday. After inflation data yesterday and increased Fed rate hike expectations, the S&P 500 sharply rejected 4580, where we anticipated strong resistance anyway, and retraced the entire range back to lows at 4462, exactly as predicted. The Kovach OBV appeared to be gaining gradually, but has turned sharply bearish with the selloff. We appear to be leveling off suggesting support at current levels will likely hold. But if not, watch 4440, as it is the upper bound of the recent value area between 4272 and 4440. From here we are likely to continue the sideways correction between 4462 and 4580. Watch for continued resistance at 4580. If we are able to break this level then there is a vacuum zone to 4632.
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