ロング

Best Stock Trading Ideas!!

Stocks took a significant hit yesterday. We stressed that they would find support around the 0.500 Fibonacci level and that was exactly where they found support. Subsequently a rally took us back to the 0.786 Fibonaci level at 3933, also a level we highlighted yesterday. The S&P appears to be forming another pseudo-megaphone pattern, 'pseudo' because we are not seeing higher highs, but we are seeing volatility increase, so the 'spirit' is there. The Kovach OBV is flat but at highs. This could be a sign that we are coiling up for a bull breakout. It also could mean we've peaked and are ready for further retracement. If we are ready for a breakout, watch 3963, otherwise we could retrace back to the 0.500 Fibonacci level at 3860, or even past this, extending the megaphone pattern.