New Relative Lows for Stocks

Stocks have broken through lows once more. We formed a bit of a range between 3645 and 3714. This narrow range did not last long, and we have subsequently broken through the lower bound establishing new lows. It does look like we are currently finding support at 3624, which was our exact target from yesterday. The Kovach OBV has slumped, indicating we have little chance to even try for higher levels unless we see some momentum come through. If we do, 3714 should be considered a ceiling, otherwise 3584 is the next target.