Stocks Still Undecided as Ukraine Crisis Intensifies

2 Mac 2022

Stocks have retraced further from relative highs at 4408. It looked like we might have been gearing up for a bull run to test 4440, but geopolitical woes seem to keep weighing, and two red triangles on the KRI suggest that 4408 is providing prohibitive resistance for now. We have since retraced back to 4272, but seem to have good support there. Currently, we are seeing a brief pivot from 4272, which has brought us to the midpoint of this level and 4408. From here it could go either way, but it is likely we will need some resolve to the Russia/Ukraine crisis to break higher. If we sell off further and 4272 does not hold, then 4228 is the next relative low where we should expect support, then 4122. If we can break 4408, then 4440 is the next target.