Stocks Testing Resistance
Stocks have tested the upper bound of our range at 4580. We anticipated the S&P 500 to hold the range between 4440 and 4580 in yesterday's report. We currently appear to be running into resistance, but there is a vacuum zone above to 4632 if we are able to break through. The Kovach OBV has picked up, but does not seem to match the strength of the rally, so beware of a retracement at current levels. If we do retrace, we have plenty of options for support in the 4500's, with 4440 or 4462 likely candidates for floor prices for now.
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