What the US Revolution Means for Stocks
Stocks did not seem to care about the revolution in DC at all. They have retreated from the massive correction on the 4th to highs again, finding support one level below all time highs at 3758. Interestingly there is a divergence between the Kovach OBV and the price which suggests we should see lower levels again before breaking out further. The levels 3737 and 3714 should provide support again, unless there is another meltdown like Monday's. When the S&P does finally break out it will find resistance at 3792, a nested Fibonacci level. There is another Fibonacci extension level quite a ways away at 3871, which should be considered a long term target.
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