Stocks made a run for relative highs but still appear to be having trouble with relative highs at 4272, which was the exact level we called out yesterday. This and 4293 remain hard upper bounds for the S&P 500. At the time of this writing, we are seeing a small uptick, but these levels remain upper bounds in what appears to be a bull wedge pattern forming. The Kovach OBV is trending upwards suggesting a bull price divergence, and therefore we might anticipate a breakout to higher levels. This is a much anticipated breakout as stocks have been holding onto lower levels all week. We were eyeing 4144 and 4122 as these appear to be the barriers to lower levels around 4K. If we are able to solidly break out from the bull wedge pattern, we still have multiple levels of resistance in the but 4327 is the next target.
Comment:
Stocks breaking out as Putin says there are "certain positive shifts in talks with Ukraine" (forexlive)
Comment:
Stocks breakout as Putin acknowledges positive undertones in Ukraine talks.
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