TECHNICALS - SPY

This morning we find the SPY trading at around 131 with the Pivot Point right back at the 131.2 level with Initial Resistance at 131.75 and First Support at 130.6.

The VIX is 4% below its 10 day SMA and the VXO is about 7% below its 10 day SMA. The 2 day RSI is at 96 so the bottom line is that the market continues to trade at the upper end of its recent trading range and is due for a pullback into the 129's.

It is also interesting that the 50 day SMA on the SPY is at about the 129.5 level so that may be a short term pullback target.

The NAZDAQ indexes have been underperforming and that may also be signaling a near term top in the big cap indexes. The 2 day RSI on both the QQQQ and the NAZ COMP is in the 20's making their recent underperformance very identifiable.