Stocks have finally retraced a bit after tracing the entire range. There was some momentum to this, as measured by the Kovach OBV. This indicator is finally tapered, suggesting that stocks have found good ground near highs and may retrace or range at current levels. A short trade would risk stepping in front of a freight train, but a long trade would be FOMO at this point as we are heavily overbought. If you are long the best idea would be to sit tight and wait for lower levels. The S&P cant rally forever and we are bound to see better prices at some point. The level 3550 seems very significant and the S&P must test this before breaking higher.
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