Heavily risk-on news drove prices up to make new relative highs. Currently, they are facing resistance at the Fibonacci extension level formed by anchoring the upper and lower bound of the inverse head and shoulders from which they broke out. Watch for a retracement (morning squeeze) at least to 3078 before breaking out higher. The Kovach OBV is very overbought at this point supporting the fact that you should wait for a pullback to enter a long position.

Stocks edging higher

Stocks continue to rally despite political and social unrest and the ever present Coronavirus.


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