We may finally be getting the mid-month pullback we were looking for; now we’ll see if the indexes can make this correction a shallow one. The S&P (first chart below) stopped right at its March uptrend line today; any move lower from here would break that line, with 1427-1430 the next possible support zone. To the upside, 1448-1452 is tough resistance. The Nasdaq (second chart) has its March uptrend line just above 2450 for tomorrow, with 2441 the next support level below that. 2471-2480 is tough resistance. The Dow (third chart) has its uptrend line and 50-day average at 12,453-12,460. 12,550 and 12,600-12,620 are resistance. Bond yields (fourth chart) are once again testing their 200-day average ahead of Friday’s PPI report.
