Stocks Rounding Off
Stocks keep creeping up and have hit our profit target of 4293. We are seeing the price action 'round off' suggesting a retracement is to come soon. Typically these arching patterns precede selloffs. The Kovach OBV was strong but has curved over as well. There is no doubt stocks are in bull mode right now but it appears that they are ready to let off the gas for a bit. The levels 4272 or 4245 will provide support. If we are wrong and the S&P gets another burst of momentum, then 4306 is our next target.
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