Stocks have caught a bit of a lift from lower levels. We have reached as low as 4440, before catching a bit of a lift that brought us back almost to a 50% Fibonacci retracement of the entire bear move. We finally met resistance at 4487. The Kovach OBV has picked up notably, but has since slumped over. Be careful about this move, it could just be a relief rally into an overall bear trend. After all, September is a notoriously slow month and we still have some news events that could be of concern. If we continue to see momentum, 4505 would be a great target, as it is the 0.618 Fibonacci level and the first major level of the 4500 handle.
Kommentar:
Stocks found good support at 4440 😎
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