Our inverse head and shoulders breakout was very short lived for stocks. The S&P has retraced this entire move and then some. It even broke past the head of our inverse H&S. Currently it is finding support at 3809, but it looks to be getting really comfortable with these lower levels. The Kovach OBV is very bearish, and the oscillatory behavior registers major momentum in both directions over the past few days. For our next level of support we need to appeal to the 3700 handle. We have 3792, and then 3757. If we manage to catch some momentum, we have 3867 which would be nearly a 50% retracement.
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