Bear Wedge in Stocks

30 Eyl 2022

Stocks look incredibly weak as persistent risk-off news and a hawkish Fed are impacting the markets. The S&P 500 is forming a bear wedge at 3617, and the Kovach OBV is bearish, and has flattened. We are long overdue for a relief rally, but we will need more momentum to come through before we see anything significant. If we break down further, then we should expect further support at 3584 or 3547.