S&P Breakout or S&P Retrace??
Stocks dipped, but nowhere near to the extent we were anticipating. A 'healthy' correction would put us at 3758 or 3737. All we got was 3792. We still anticipate stocks to break out to achieve new highs sometime soon, perhaps even today. Though we are below 3792 at this point and this will provide resistance. The Kovach OBV is inching up, suggesting that we should prepare for a breakout. However the S&P may have one final squeeze left in store for us, so it would be wise to be patient and wait for a better dip.
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