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Recession Weighs on Stocks

The S&P 500 has slipped further after making a run for higher levels. Yesterday, we tested two levels that we have been identifying as targets for weeks now: first we touched 4009, then made a brief pivot to 4068, where we saw immediate resistance, confirmed by red triangles on the KRI. We subsequently plummeted as the risk off tone permeated the markets. We gave up the 4000 handle entirely, testing as low as 3963, where we saw green triangles on the KRI confirming support. The Kovach OBV has turned bearish, but we could see support from a relative low at 3909. If we pivot, we must first break through 4009 again then 4068 is the next target.