Can Stocks Recover??
Stocks have retraced exactly to our level at 4462. Recall that this was the exact level we predicted yesterday. Stocks edged lower as they digested hawkish Fed minutes, and an increasingly Orwellian Covid lockdown situation in China. It does appear that we may be in the final stages of a corrective impulse and might be gearing up for another breakout. Stock futures should price in this news and break out at some point. The Kovach OBV has dropped but may appear to be bottoming out. Anticipate support from 4462 and 4440. The latter is a significant level, and if broken, we will likely test lower levels in the 4400's. If we are able to break out, then 4580 and 4632 are the next targets.
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