Lighter Than Air, But a Million Men Can't Lift Me $SPY $IWM $DIA $QQQ

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Possible double top in S&P 500 or a launch pad to blast off from? That is the type of hesitancy this bull market has created since the end of February. And, for good reasons. First off is the NASDAQ which has yet to take out the 2012 high even with a new 2013 high today. Second is the Russell 2000 which has made lower highs on every rally since the peak in February. Then, there are the bonds, which have had analysts screaming about deflation. Finally, there have been mixed signals in recent economic indicators, with many more expected this week, not to mention, a FOMC Meeting Announcement on Wednesday.

S&P 500 (SPY) 159.71 is the 2013 high with today's high 159.65. Although I wrote about a possible double top, that is very premature as basically, the fast moving average is now beginning to accelerate up

Russell 2000 (IWM) This is the one index that has many traders holding onto their handkerchiefs. Friday low super important to defend with a move over 94.00 a welcoming sign if occurs.

Dow (DIA) Accumulation day in volume and with the help of IBM, a nice move close to the highs and taking yet still not closing above the 4/15 high 147.93

NASDAQ 100 (QQQ) New high 2013 close, but still finding the 2012 high elusive.

ETFs:

GLD Inside day, which could be a great follow the way the range breaks as it is sitting in an interesting spot on the charts

XLF (Financials) DOJI (pause) day

IBB (Biotechnology) Long term this is a continuing growth area. Short term, it looks a bit tired

SMH (Semiconductors) Figuring around 37.00 will bring some profit takers in.

XRT (Retail) In spite of a selloff in AMZN, this did pretty well

IYT (Transportation) 108.85 now support to hold

IYR (Real Estate) New multi-year closing high

USO (US Oil Fund) After the inside day to end last week, this popped up between the 50 and 200 DMAs-a most interesting spot.

OIH (Oil Services) Tested but did not close above the 50 DMA-still a bit vulnerable

XLE (Energy) Cleared the 50 DMA

TBT (Ultrashort Lehman 20+ Year Treasuries) Tweeted all day long about the possible key reversal move today.

XOP (Oil and Gas Exploration) Unless it clears the 50 DMA, a bit vulnerable here

XHB (Homebuilders) Possible short-term high in place if has a bad day Tuesday

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