Stocks Likely to Range

The S&P keeps sailing up to higher highs. We are currently encountering some areas of resistance beginning at 3484. This rally does not seem to strong compared with the Kovach OBV. Thus it is likely to see a pullback really soon. We have about another 100 points before we will see new highs, and there are plenty of levels of resistance in between. It is unlikely that stocks will gun for higher highs before the election. They are much more likely to continue to feel out the range they've been establishing. The Kovach OBV does not have a definitive direction overall, confirming this hypothesis.