Stocks continue to maintain a very narrow range between 4214 and 4225. The longer it maintains this range, the more likely a breakout becomes. We feel that it would be healthy for stocks to feel out lower levels before making new highs, and are preparing for a dip down to 4188 or 4144. The Kovach OBV is still flat and our outlook will not change until we see some life again. Levels from above will provide formidable resistance such as 4245 and 4272. It is unlikely we will hit our target of 4293 any time soon.
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