Stocks Take a Nosedive!!!
We warned you that stocks were at highs yesterday, and would take significant momentum to push higher. Indeed, stocks took nose dive and are finding support just above our technical level of 4144 after slicing through several technical levels. We are likely to see the S&P range at current levels and maintain 4144 to 4178. Further retracement could take us back to 4122. The Kovach OBV has dipped substantially, registering the selloff. We have several technical levels to in our way before we can consider highs again, including 4178, 4188, 4214 and 4228.
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