Stock Hugging Highs

11 Haz 2021

Stocks have made a run for highs, but faced steep opposition there. We saw some big volatility yesterday, rejecting 4245, taking us back down 20 points to 4225, then retracing back again. There is a clear affinity for highs, but it will take some momentum to solidly break them. It could go either way so watch for momentum at the open. We still feel we are in need of a healthy retracement to 4188 or 4144, but we cannot deny the bull bias. The Kovach OBV is tapering up, but still pretty weak. Strong momentum at open will be key to a breakout. If so, our next target is 4272.