We are still waiting for our breakout in stocks. All week, the S&P has been holding an extremely narrow range, and drifting up past our level at 4432. We are seeing a slow but steady drift, and volatility has consolidated immensely. We are due for a breakout either way. Our profit target from above is 4462. From below, 4408, 4389, and 4380 should provide support. The Kovach OBV was once quite strong, even with the consolidation, but appears to be tapering which makes us question if we may see a correction first before hitting our next profit target.
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