Another Stock Breakout??

Stocks have recovered nicely from that huge dip. Trusting our senses paid off yesterday as the S&P hit our target exactly. We are seeing an extension of the megaphone type pattern we discussed a few days ago. For the pedantic, technically, this is not a megaphone pattern, since we'd need higher highs in addition to lower lows. However it does obey the spirit of the megaphone pattern in the sense that we are seeing an increase in volatility. There appears to be a bias forming to the upside which suggest we could see a breakout soon. The Kovach OBV has picked up, suggesting it may be loading up for that breakout. Relative highs at 3937 would be a great target. Expect resistance there as this is a significant level