Bearish Gartley Cypher Pattern in Stocks!!
Stocks are staying close to highs at 4224, bounded below by 4188. We have seen a great consolidation of volatility and largely ranging behavior for the majority of last week. The Kovach OBV has been completely flat, suggesting that there is not enough momentum to break highs or even test them. Adding inflation fears might contribute to a bearish outlook for stocks. Additionally, we have a bearish Gartley cypher pattern forming, with the completion (D segment) right around current levels. If this is the case, the S&P could easily break to 4144.
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