Holiday Malaise for Stocks

The S&P 500 has tested highs again. At this time, it is not likely to muster the strength to bust through to new highs, at least without testing lower levels first. It is unlikely we will see any significant retracements due to the time of the year, but we are also unlikely to see an emphatic breakout either. Watch for it to reject highs at 3737 and bounce around lower levels. In particular, 3714 and 3694 will provide support. The Kovach OBV is climbing, but looks like it is weakening.