Stocks Facing Resistance

Stocks have steadily drifted down from highs at 4327. Retail sales data on Wednesday confirmed the impact that high inflation is having on the economy, and investors are fearing another 75bps rate hike in September. We are seeing a lot of resistance at current levels confirmed by red triangles on the KRI. However, we are also seeing support at 4245, at least for now. If we fall further, then 4188 should be considered a floor for now. We must break out past 4327 to solidify higher levels, which likely won't happen until next week at the earliest.