Stocks Stagnant... Dump Coming??
Stocks seem unable to break past 4228, the level they attained based on NFP numbers Friday. If the S&P is unable to budge from this resistance level, it most assuredly will dump, and perhaps our Gartley pattern was correct after all. We are starting to see a bit of a dip back to 4214, and if this does not hold we will see support from 4188. Stocks do appear to be a bit overweight right now, and due for a correction, which could easily take us back to our target price of 4147, based on the CD segment of the cypher. The Kovach OBV is pretty stagnant so this could easily come to fruition soon.
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