Small caps remain strong here, but big caps continue to lag. The Nasdaq (first chart below) hit a new five-year high today, while the Nasdaq 100 (second chart) continues to lag badly. The Nasdaq doesn’t have much resistance until 2500 at this point, so we’ll see how the Nasdaq 100 handles its resistance, starting with 1717. 2328-2333 is now important support on the Nasdaq, with 2310 the next big support below that. The Dow and S&P (third and fourth charts) continue the theme of large-cap struggles, as the two remain below two-year trendlines. 11,230-11,250 on the Dow and 1303-1305 on the S&P are important first resistance levels here. The Dow has support at 11,150, and the S&P at 1300 and 1295-1297. Long bond yields (fifth chart) continue to climb steadily higher, and so far have done little damage to stocks.
