Stocks Maintain Channel
Stocks caught a lift a few points above 3658, the level we called out in the last report. The S&P 500 still appears to be maintaining its bull channel pattern as it finally found resistance again at 3708, which is the extension of the trendline which forms the upper bound. Expect this to provide resistance. The level 3676 will provide support, if it retraces at open. This is the intersection of a technical level and the lower bounding trendline, so it is meaningful. If it can break this, this represents serious bear momentum and we should consider our levels below for targets: 3658, 3624, 3617, and 3584.
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