Stocks got smacked down to relative lows. We may be forming the first shoulder and head of a head and shoulders pattern. Watch 3396. If the S&P can’t break this high, then we will have our second shoulder. The neckline will be solidly established at 3308. The Kovach OBV is trending down, so we may not even see this H&S form before a breakdown. We do have several levels of support before that at 3293 and 3279. There are several more before 3200, which is a very strong technical and psychological number. Nonfarm payrolls today will play a huge roll in whether the S&P can keep current levels or dive further.


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