What the Russian Invasion of Ukraine Means for Stocks
Stocks have plummeted after Russia attacked Ukraine. We were seeing an inverse head and shoulders type pattern forming with a low of about 4272, but strong bear momentum smashed through this level and headed down further into the 4100 handle. Currently, we are finding support at 4122, where a green triangle on the KRI is providing support. After that, there is a vacuum zone to 4068, then 4009, the very last level in the 4000 handle. It is likely stocks will try to jostle for footing, so expect some volatility today. We could retest 4272 again, but that is most likely the ceiling for today.
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