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New All Time Highs for Stocks??The S&P dipped, but not nearly as much as we anticipated. It is still holding the range 3792 to 3825. This is a very narrow range for stocks and we anticipate a breakout today either way. A breakout to the downside seems a lot more likely, since the Kovach OBV is not registering much momentum. If so, consider 3758 or even 3737 to buy back. However, it is hugging the upper bound of the range, which could suggest a breakout especially if we see momentum pick up toward open. If that happens, 3856 is our next target.
FX:SPX500Long
by quantguy
Stocks Pausing Before New HighsStocks are ranging at highs, caught between all time highs, a technical level at 3825, and the nearest Fibonacci level, 3784. We are seeing some consolidation here as stocks find footing. Our target still remains 3856. Beware of some retracement first, even a 50% retracement would still be considered bullish. That would put us at 3726. There are several levels of support before that. The Kovach OBV is a bit flaccid, indicating that there may not be as much momentum to this rally as we'd like.
FX:SPX500Long
by quantguy
1
Stocks Make New Highs, What's Next?Stocks broke past new highs, hitting our profit target. The S&P is facing resistance at 3825, and it is reasonable for it to retrace. There is not a lot of momentum to this rally as measured by the Kovach OBV. New highs should take some momentum to punch through. If we do retrace, we could find support at 3792 and 3784, which are nearby technical and Fibonacci levels, respectively. A sharper retracement could take us to 3759, which is a Fibonacci and technical level. Once we break out, the Fibonacci extension 3856 is the next target.
FX:SPX500Long
by quantguy
2
What the US Revolution Means for StocksStocks did not seem to care about the revolution in DC at all. They have retreated from the massive correction on the 4th to highs again, finding support one level below all time highs at 3758. Interestingly there is a divergence between the Kovach OBV and the price which suggests we should see lower levels again before breaking out further. The levels 3737 and 3714 should provide support again, unless there is another meltdown like Monday's. When the S&P does finally break out it will find resistance at 3792, a nested Fibonacci level. There is another Fibonacci extension level quite a ways away at 3871, which should be considered a long term target.
FX:SPX500Long
by quantguy
4
What's Next for Stocks?Stocks are extremely volatile lately. It does not seem like they've gotten the risk on memo that caused bonds to collapse last night. After that dip, it still seems like the S&P is feeling out current levels, between 3676 and 3737. The Kovach OBV has tanked but is currently flat lining, a testament to the ambivalence. Keep in mind, that even if it were to correct further into the low 3600 handle, it would still be in bull mode. So it would be wise to be patient for further dips and use them as buying opportunities. if we do get some momentum, 3758, and 3774 will provide resistance before new all time highs.
FX:SPX500
by quantguy