Market Comments

Nasdaq Index (2067)
I had earlier assumed that we would approach a wall of resistance at the 2200 area. I think we have an otherwise healthy but determined trading range here - with the 1800 area as possible support and a minor but positive bias for the trading range beyond the short term. Within the channel we could be struggling to complete a "B" Wave top now, which implies an eventual move lower rather than higher once the secondary top (2100 area) is completed.

S & P 500 Index (1197)
I had suggested that a late cycle rally might pause at the 1200 level. We are doing that, but now my concern is that we could retest the 1150 area before moving on in a narrow trading range between about 1150 and 1250. Not much to work with, but modestly positive beyond the near term.

U.S. T-Bill Yield 91-Day (3.04 percent)
Losing steam quickly in the 3 percent area. Top formation 3 - 3.25 percent area?