Not Much Is Working Here

Stocks in general have gotten little boost following the breakout, which occurred on April 1. In fact, the only stocks that have shown a degree of reliable buying power have been those stocks in the agriculture and industrial metals sectors. In other words, nothing has changed in the market's character, which has existed since the beginning of the year.

Outlook:

Now that the market is closing in on the red zone of resistance we outlined a couple of days ago, selling into strength continues to be the best course of action. If SPY prices can spike up to the $139-$141 area an excellent shorting opportunity will have presented itself.