Stocks Reject Highs!!

The S&P has continued to climb, and we have met relative highs again near 3987. However we are currently facing resistance here. We saw a swift rejection from these levels and have just breached the vacuum zone after breaking 3963. We will see support again at 3937 and 3928. It will take some momentum to break through these relative highs which will provide significant resistance after this most recent rejection. It is more likely that we will see some ranging behavior over the next few days bounded from below by 3867. We should see a consolidation of volatility which will precede a breakout.