As you all are undoubtedly aware, stocks made new highs yesterday. They met resistance exactly at 3856, the level we called out for weeks. Finally they inched past this level to 3867, where they are currently facing resistance. Almost certainly they will break out higher. They could range to feel out this new price territory first, however, so don't get too excited. The S&P is at highs, so jumping into a long trade would definitely be FOMO. It is certainly possible that we could retrace to 3825. The Kovach OBV is very strong, so we are in buy on dip mode. Nested Fibonacci levels give us a price target of 3887, and then 3935.
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