Can the S&P 500 Maintain the Rally?

20 июл. 2022 г.

The S&P 500 has broken out, testing the very top of the range it has established this month. As predicted yeseterday, we hit our target of 3909. Momentum continued and we were able to hit 3963, before a brief retracement took us back to support in the low 3900's. The Kovach OBV is still flat, suggesting we will need more momentum to continue the rally. Watch for momentum at open. We are still at resistance from the top of the range and if we don't see much momentum at open, we can easily retrace back to support at 3810 or so. If we are able to break out, we only have a few more levels above until the 4K handle which is the next target.