During the month of March, SPX hit up against resistance around $1882 several times before breaking through on April 1st and set its closing high for the year the next day. Now it appears that $1882 to $1885 is again proving to be resistance for SPX to break out to new highs. SPX gained $3 to close at $1879 today, hitting $1884 intraday and pulling back. RUT lost $3 to close at $1144, well below the 50 dma at $1167. In terms of support and resistance, RUT is in "no man's land", unless you count the two day bounce back upward that ended April 9th at $1160. RUT continues to trade much weaker than SPX; it corrected deeper and has not bounced back with the strength we have seen in SPX.

Trading volume bumped up a bit today with trading in the S&P 500 stocks reaching the 50 dma at 2.3 billion shares. Trading volume increased 4% on the NYSE and increased 21% on NASDAQ. Probably much of NASDAQ's volume was in AAPL, NFLX and AMZN.

Durable goods orders increased 2.6% in March, up from February's 2.1% increase. Unemployment claims were a mixed bag this week with an increase of twenty four thousand in initial claims to 329k. But continuing unemployment claims dropped by sixty one thousand to 2.7 million.

Maybe the "Sell in May" historical trend has started early?