The S&P 500 dipped further, breaking through to the high 3600's, before a brief retracement attempted to reestablish the 3700's. At the time of this writing, we are currently wavering at 3700 exactly. The Kovach OBV is flattening out suggesting that we will not see much more action until momentum comes through. It is likely we will range at some point to establish value in this new price territory. We expect stocks to hold their ground between 3644 and 3737. As we mentioned yesterday, 3823 is a likely ceiling and 3624 the floor for now.
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