Stonks Go Up! How to Trade The Rally

31 באוג׳ 2020

Stocks just keep going up, but they are finding some resistance at all time highs at 3526. This is not only a technical but a Fibonacci level as well. The S&P looks seriously over bought right now, and a technical retracement would be healthy. The Elliott Wave suggests a corrective phase soon. The Kovach OBV is not commensurate with the luster we are seeing in this rally, so we may see a dip soon. There is no reason to be bearish of stocks just yet, so watch for long entry opportunities if we see any of the dips we are expecting. The levels 3484 and 3450 would be levels to watch.