Stocks have extended gains yet again, coming just shy of our target of 4306, before pulling back ever so slightly. This is nowhere near the retracement we were expecting but it does validate our assertion that stocks are 'rounding off', potentially in preparation for a further selloff. Watch for support at 4272, and 4245. The Kovach OBV is still strong however, and no one can deny the bull trend, so watch for momentum at open to determine if we have the strength to break past 4293 to our target of 4306.
Comment:
Stocks are maintaining a very narrow range today. This is the final phase of that 'rounding off' discussed earlier, before a correction.
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