Stocks faced a massive selloff yesterday, and dipped down to what we are forced to recognize as a new level at 3343. They have recovered slightly since. Stocks are still not out of the woods yet. The ‘rally’ we saw previously was paltry as measured by the Kovach OBV. The S&P needs to break 3427 to be solidly bullish. Currently, it would seem that it will take a Herculean attempt just to break through current levels. We are still bullish of stocks, but watch for another dip. We appear to be in an Elliott Wave sideways correction, so it is likely we will test lower levels, at 3300’s or even below. It is possible to even test 3200’s before a breakout.

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