Stocks have rebounded to within a few ticks of where they broke from our butterfly cypher pattern. This suggests that the markets have fully digested inflation and interest rate updates from the FOMC meeting and most likely suggests that we are back to bull mode. Nasdaq printed highs yesterday, so the S&P 500 could be soon to follow. It will take some momentum to break through 4260, and if we do not see it, anticipate a retracement to support at 4245 or 4228. The Kovach OBV has returned to highs itself, as has the Chande, which is a sign that we are overbought and due for a retracement. Watch the momentum at open. If it is paltry or there is a lack of conviction, we will retreat to support at the levels discussed above. But there is no doubt that overall momentum has returned for stocks
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As discussed in the report, stocks found support!
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