S&P Breakout?

18 Kas 2020

Stocks remain range bound at highs. The S&P maintained a very tight range yesterday, between our Fibonacci extension level at 3632 and 3584. It is clear eventually it will beak out from this range the question is whether it will retrace first. If it does, 3547 seems like a reasonable level to buy back. This would still constitute a nice bull wedge pattern. The Kovach OBV is strong, suggesting stocks are building up pressure to explode.