As anticipated, stocks retraced to the .500 Fibonacci level! This is something we have been calling out in the daily briefings for two days now. We need to keep our eye on Ghostsquawk AI to determine if the risk sentiment is risk on or risk off today. This is a make-or-break level for stocks. If they catch support here, we could see another rally, otherwise we may retrace this entire move. The Kovach OBV is looking very bearish but the Kovach Chande is picking up, suggesting a burst of momentum may be in store.

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