Stocks Testing Relative Highs
The S&P 500 has steadily risen, though this rally looks very weak. We have gredually made higher highs, and are currently encroaching upon a relative high at 3825. The Kovach OBV appears quite bullish, which could indicate there is more in the tank for stocks. If we are able to breakout further, we could solidify the mid 3800's, with 3909 a likely ceiling. Since we are at relative highs, watch for momentum at open. If it is insufficient to break through current levels, then a retracement is likely with 3758 a likely support level and 3645 a likely floor.
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