Stocks started the year with risk on sentiment, finding support at 4763. We anticipated a bit more of a retracment, and posited that stocks could test 4729 or 4693, but the slight dip to support at the nearest level of 4763 seems to be all we've got for now. The S&P 500 is within inches of all time highs again, with 4821 as our next target. The Kovach OBV has leveled off near highs, suggesting that, for now, we don't have enough momentum to break out to new highs. Let's see how risk sentiment develops toward the open. For now, we should be able to hold the range between 4763 and 4821.
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