Back to Risk On for Stocks

Stocks caught a huge lift from risk on sentiment at the open. However they have extended about a full ATR, and are encroaching upon the lower bound of the channel that the S&P held for days. This is sure to provide at least some resistance, and may offer an opportunity to get long if you are bullish on stocks but missed out entering yesterday. We should at least see a retracement back to 3676. The Kovach OBV is strong, so we may see a bounce here. If so, we will likely test somewhere near 3714, where the trend line is meeting a significant level of support. If not, watch 3658 for support below.