Stocks Make New Highs, What's Next?
Stocks broke past new highs, hitting our profit target. The S&P is facing resistance at 3825, and it is reasonable for it to retrace. There is not a lot of momentum to this rally as measured by the Kovach OBV. New highs should take some momentum to punch through. If we do retrace, we could find support at 3792 and 3784, which are nearby technical and Fibonacci levels, respectively. A sharper retracement could take us to 3759, which is a Fibonacci and technical level. Once we break out, the Fibonacci extension 3856 is the next target.
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