Stocks have maintained a period of extreme volatility. The S&P has zig zagged 200 points or so in the last few days. It has found support off lower levels at 3676, and has effectively returned to highs. It fell just short of all time highs, just under a congestion zone at 3844. It is likely to face resistance here. It is unlikely to see a breakout to new highs any time soon, since the S&P has extended almost 200 points already. This is quite a move even for stocks. We anticipate the volatility to continue, suggesting that we could test lower levels again. It is highly likely that we will test lower levels, then consolidate around highs, then breakout to achieve all time highs again. The levels 3792, 3810, and 3825 will all provide support.
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