Stocks have pivoted off lows, stubbornly refusing to break 4144, and test relative lows at 4122. There is talk that market participants think that the worst is behind us, especially with regard to the Russia/Ukraine war, which shows no sign of resolution yet. We remain unconvinced and still see much risk to the downside. If 4122 does break, we should be clear to test the lower 4K handle in the S&P 500. If we do find footing, then we must solidly break 4272, then 4327 in order to consider higher levels again. Stocks have remained quite volatile lately, and the Kovach OBV is flat, registering their lack of a clear direction. Trade with caution, but 4144 and 4272 could be ideas for mean reversion trades if this behavior continues.
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