Stocks Retrace as Oil Jumps

Stocks have retraced as we have called out yesterday. We were due for a technical retracement, and the fact that oil prices jumped provided a catalyst for this retracement. We have found nice support at 4440, a former price target, and expect this level to hold but if not, then we could test the 4300's, with a likely floor of 4350. Our next target remains 4580. The Kovach OBV has dipped slightly, but it still appears we are in a bull trend, so anticipate either some ranging today as we digest current prices, or another bull rally.