quantguy
Long

Stocks are Ranging, What's Next?

FX:SPX500   S&P 500 Index
Stocks have been holding a very narrow range from 3310 to 3427 for several days. This suggests that the S&P is in a sideways corrective phase, and gearing up for a breakout either way. The Kovach OBV has been extremely flat throughout this period, which is yet another signal that momentum should come through soon. Stocks can only hold this narrow range for so long before a breakout. Watch the lower and upper bounds of the range, mentioned above for confirmation of the breakout. You should see clear momentum here, and big movement in the Kovach Momentum Indicators.
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