Stocks Break 4 Day Winning Streak
Stocks are ranging just above 4580, the exact level we anticipated support, after breaking a four day winning streak. This comes after hitting our profit target at 4632. We have two red triangles on the KRI to confirm resistance here, but many green triangles from below to confirm support at 4580. We do not anticipate a further retracement, but if so, then 4521 is a likely floor for now. Our ultimate target before a significant retracement would be in the 4600's with 4649, 4668, and 4693 all likely candidates. The Kovach OBV has slumped over for now, reflecting a lack of momentum as stocks pause, so watch for momentum at open to confirm whether the rally will continue. If we see lackluster momentum, we could maintain the range between 4580 and 4632.
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