The price action for stocks is rounding off. We are seeing less and less momentum, and the Kovach OBV is still strong but tapering as well. When the S&P is rallying at a decreasing pace, it typically heralds a correction. There is no doubt the overall trend is bullish, but buying now would be FOMO. Levels from below like 4245, or 4228 would be enticing levels to buy back. If we are able to muster enough momentum to breakout then 4293 is the next target.
Trade closed: target reached:
The S&P 500 has inched out new highs, but looks like it may face a correction soon. Read my latest post for details!
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