No change in the picture today. The Dow (first chart below) continues to lead but is overbought near its all-time high of 11,722-11,750, the NYSE advance-decline line (second chart) remains stuck, and the Nasdaq (third chart) is stuck in a downtrend. So far, bulls can count their lucky stars that the market’s weak underpinnings haven’t resulted in a larger correction. Support on the Dow is 11,590-11,600, 11,500-11,520 and 11,426-11,450. The Nasdaq has support at 2319, 2314 and 2290-2300, and resistance is 2328-2333 and 2345. The S&P (fourth chart) should have strong support at 1316, and first resistance is 1327. Not much information from long bond yields (fifth chart) today, but their inability to hold the March uptrend is a potential negative for yields.
