Five Charts Behind Today's Resistance in Stocks

NQM8 (Nasdaq future): after finding key support at its 200 day moving average at the beginning of the month, NQM is finding the .618 retracement to be a key resistance the last two days. If technology heavy Nasdaq stalls in the short term we would need something other than the energy sector to pick up the pace.

Energy has been the leading sector this month as crude oil remains firm. XLE has rallied over +14% from the April 2nd low and XOP is up +27% from the February low. XLE versus SPY failed miserably at the end of January as this trade was crowded at the time and it was unable to move above the pivot line in the pair. As we get closer to this pivot line we may see a pause in leadership from the energy sector.

DAX futures have worked their way back to the 200dma, but this will likely prove to be very good resistance.

Emerging Markets Index has been a laggard, a negative for the global growth story. June MME (EM future) is holding below this daily trend line.

Transports have a key Fibonacci resistance in IYT around 195. This is the third time this level has been tested since bouncing off of the 200dma. A clean break above this level is need for the Transportation Average to help boost the overall market.

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