Stocks are ranging in the value area we identified yesterday, currently finding support at 4440, the exact level we called out in these reports. We are holding a narrow range between 4440 and 4545. Volatility has consolidated considerably, and we are forming a sideways correction, possibly a triangle pattern. The longer that ranging will continue, the more likey a breakout will follow. The Kovach OBV is sloping downward, suggesting a slight bear divergence. If 4440 does not hold, then we will reestablish the range that stocks have held between 4272 and 4440. If We gain momentum, we must first break through 4580, then there is a vacuum zone to 4632. We must break 4580, before being considered 'bullish' again.
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