Since the beginning of April, the Stock Indices are in a typical area of rotation and not making much progress after testing lower support. At this point, they are now at an upper extreme of those areas. The problem is the market internals are deteriorating. This does not suggest strength coming into the resistance areas and raises the probability of another rotation lower. Unless the market internals strengthen on any additional move higher, use caution.
In addition to the above, there is now a non-confirmation between the Dow Industrials and the Dow Transports.