Stocks have wavered the past two days, potentially giving us the corrective phase we were anticipating. The Kovach OBV was very meager throughout this rally. It has declined precipitously starting at the beginning of that little corrective phase.
The technical and psychological level of 3500 will provide support, but we still anticipate a bigger dip before any serious bull momentum comes through. We still think at least the 50% fibonacci level is reasonable. We are still confident that stocks will appreciate long term, however. But it is difficult to justify new highs until after the election.

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