Stocks Looking Weak
Stocks finally broke out form our bull wedge pattern. The S&P made new relative highs, breaking our Fibonacci extension level at 3632. It does look like we are seeing some weakness creep in as the markets do not seem to be able to hold current levels. We are not seeing the follow through that we usually do in momentum breakouts. Additionally, we will face headwinds from highs at 3675, so a retracement is more probable than another breakout. The level 3584 will provide support. If there is strong selling momentum watch 3547. The Kovach OBV has registered the momentum but has turned over suggesting a retracement or at least ranging may follow next.
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