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quantguy
Nov 15, 2022 11:12 AM

Stocks Face Resistance at Highs 

S&P 500 index of US listed sharesFXCM

Description

Stocks are still contending with relative highs. The S&P 500 has been wavering between highs at 4009 and 3963 or so. The strong buying spike from CPI last Thursday has leveled off in a sickle pattern. From here, we will see if stocks continue to range or if they retrace. The Kovach OBV is still bullish, but does appear to be losing steam. We could be forming a bull consolidation in pattern in preparation for another breakout. If so, 4068 is the next target. If we retrace, we should see support from 3963 or 3937.
Comments
jforex78
Add even more drawings and indicators you cant see the price any more :)
quantguy
@jforex78, you are right! Nowadays I try to zoom in a bit on the chart so that the levels do not block the price
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