Stocks have made new highs, yet again. We solidly pierced through the 4700 handle, reaching 4719, just 10 points shy of our profit target at 4729, before retracing slightly. We found support at 4693, confirmed by a green triangle on the KRI. At the time of this writing, we are hovering just above this level, maintaining 4700 exactly. The Kovach OBV is solidly bullish, and we are starting to encroach into overbought territory, so the probability of a technical retracement is increasing. If so, we expect support at 4693, then 4649. If momentum continues, then 4729 is our next profit target.
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