STOCKS MAINTAIN UPTRENDS -- THE NASDAQ COMPOSITE HAS HAS YET TO REACH A NEW HIGH

DOW AND S&P 500 MAINTAIN UPTRENDS... Stocks snapped a two-day losing streak today and are maintaining their current uptrend.   Chart 1 shows the Dow Industrials trading well above their 20-day moving average which keeps their short-term uptrend intact.   Chart 2 shows the S&P 500 doing the same.   Both of their 14-day RSI lines touched overbought territory over 70 which may have contributed to some recent selling.   But their uptrend is still intact.  The Nasdaq is the only major stock index that hasn't hit a new record.

Chart 3 shows the Nasdaq Composite Index still trading below its February high.  The recent pullback, however, remains above initial chart support along its  March peak at 13620.  It also remains above its 20-day moving average.   One of the factors supporting stock prices has been the recent pullback in Treasury yields.  A big test for the market will come if and when bond yields start climbing again.   Technical odds continue to favor that happening.