Indice S&P 500Long
Stocks Shrug off Coronavirus
Stocks have made an incredible V-shape recovery, completely shrugging off the entire meltdown we saw from renewed Coronavirus fears. We anticipated a comeback for stocks yesterday, but our targets were much more modest. We anticipated the S&P to test at least 4306, but it is now currently testing 4350. We are seeing a red triangle on the KRI suggesting we are meeting some resistance here, but after such a move this should be anticipated. We are nearing highs so stocks will likely range at current levels before considering a breakout. The Kovach OBV dipped to reflect the selloff but has gained considerable strength with the recovery.
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