After spiking up dramatically on vaccine news, the S&P retraced the entire move to find support at highs, testing 3584 and 3547. After such a move it is likely to range for a bit, testing current levels and finding footing before the next piece of news ping pongs it elsewhere. The Kovach OBV is still extremely strong, though it’s tapering slightly. Although a retracement is due, there is strong momentum here. Wait for a pullback before entering a serious long position. In the mean time, look for short mean reversion trades off levels.

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