Stocks caught a lift at the 0.500 Fibonacci exactly as we said they would. Hopefully some of you took advantage of this trade. Currently, they are facing resistance by a collection of levels aroudn the 0.786 Fibonacci level near the technically and psychologically significant 3500 level. This is likely to continue to provide resistance so watch for a small rejection before the S&P is able to punch through. Consider buying back at the levels below. It is unlikely we will have any significant moves in stocks today, since it is Friday, but retail sales at 8:30 AM EST could move it if the numbers are significant. The downside has been priced in already in virtually all macro data indicators. The surprise would be a really good beat to the upside. Otherwise, expect stocks to establish a range for a bit. The Kovach OBV suggests lackluster bull momentum.
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