S&P Ranging Before Inauguration
The S&P 500 has rejected highs. We have been calling this out for weeks. We appear to have a double top as well at 3825. It did find support at 3758, which is a technical and Fibonacci level, and now is finding support from 3793. The Kovach OBV does seem to be edging up, but nothing to suggest a breakout today. It could go either way at this point: to retest highs or lower levels 3758 or 3737. But don't anticipate too much action in stocks until after the inauguration tomorrow.
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