Stocks got smashed yesterday, and are trading well below the value area established over the past several days. The meagre rally we see appears to be a relief rally, with little momentum behind it. This is evidenced by the Kovach OBV (blue indicator on the bottom of the chart). We are likely to break lower unless news sways to the risk-on side.

S&P 500 Technicals

Stocks got hit by another wave of risk-off sentiment and are likely to continue in this direction unless the sentiment in the news shifts. Note the Kovach OBV (blue indicator on the bottom) has confirmed the turn for the bearish.

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