Stocks Ranging Near Highs
The S&P has squeezed out new highs at 4375, coming within a few points of our target of 4380. We are currently at 4354, just above one of our technical support levels of 4350 (once a profit target). The Kovach OBV was pretty strong but has tapered with this retracement. Thus it is likely for stocks to range a bit at current levels in a sideways correction before gearing up for a run at highs again. If not, 4380 is still our target and will provide resistance. From below, 4327 and 4306 will provide support
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