Debt Limit Hopes Lift Stocks
Stocks caught a lift later in the trading day yesterday after struggling with 4327. Positive news sentiment off hopes of a debt ceiling agreement brought us back to the upper bound of the range at 4389. The Kovach OBV has picked up notably, but is flattening out suggesting we are facing some resistance here. In order to breakout, we will need sufficient momentum to break through. The next major level is 4408, the first technical level of the 4400 handle. If we fail to muster the momentum to break out, we will likely retrace to the bottom of the range again, at 4293 or 4272.
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