Stocks Trade Sideways

30 jul 2021

Stocks rallied yesterday hitting our profit target to the tick before retracing back to the bottom of the range. The S&P seems to be in a sideways corrective pattern at the moment, finding good support at the bottom of the range at 4380. The Kovach OBV has dropped notably, so we will see at open if we have enough steam to hold the range. If so, expect a retracement at least to the mean at 4408 or so. Otherwise we will find support at 4364 and 4350. Our next profit target is 4462, which is garnered from the Fibonacci extension level of Fibonacci retracement levels anchored at the current range