Can The Stock Rally Sustain?
Stocks appear to be running into resistance at 3909, after a slow trek upwards from the 3700's. The rally was labored, with resistance confirmed at every technical level along the way by red triangles on the KRI. We are seeing a bit of a retracement, to 3867, with support confirmed by a green triangle on the KRI. The Kovach OBV has been bullish, but does appear to be rounding off. This fact, combined with the weakness of last week's rally, suggests we may be in for another selloff. If so, we could retrace the entire rally to 3737, which should be considered a floor. The level 3825 is a reasonable intermediary level of support. If we are able to break out, then 3937, a relative high, will surely provide resistance.
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