Stocks Continue to Range
Stocks retraced back to the support 0.618 Fibonacci support level at 3890. They are continuing the rather narrow range between this level and 3963. The Kovach OBV was strong but has flattened. It really could go either way at this point. Another retracement could take us to the 0.500 Fibonacci level at 3860. A rally would have to break 3933, before we could consider highs at 3987 again. The longer we range, the more probable a breakout is. We should see some conviction either today or tomorrow.
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