Tensions Easing? Stocks Get a Lift

Stocks have gotten support from 4364, roughly the midpoint of the range they were holding between 4272 and 4440. We have since broken through that high and attempted 4462, the next level above, where we are currently meeting resistance, confirmed by a red triangle on the KRI. Perhaps this rally follows news that some Russian troops have returned to base, and the Ukranian tensions may be easing a bit. The Kovach OBV has picked up ever so slightly, but if we cannot break through to higher levels, we should see the bear rout return, and test 4440 again, or break lower into the previous value area once more. We still anticipate 4272 as a floor for now. The next major target is 4580 if bull momentum returns.