Stocks Make New Highs Ahead of Non Farm Payrolls
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Stocks have broken out, making new highs yet again. We have reached our profit target at 4693. The next target is 4729. We should face some resistance at current levels, so anticipate stocks to range a bit in a sideways correction, if not retrace to lower levels at 4649 or 4632. There is a vacuum zone below those levels to 4580. The Kovach OBV is still very strong, and is starting to look a bit overbought, so a retracement is becoming increasingly more likely. Non farm payrolls data comes out today, so this could be a strong driver for stocks either way.
Note
Stocks ripppp after strong non farm payrolls data. The S&P still hasn't hit our target of 4729, finding resistance at 4719 or so...
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