All of our market indicators are currently yielding buy signals. Despite the bullishness, we are a little cautious heading into this week as every index had its momentum and volume decline last week.

Technical analysis of S&P 500, NASDAQ, Dow and NYSE.

The S&P 500 is bumping its head against resistance levels at 1300. On the positive side, the recent move up has been marked by a series of higher highs and higher lows, usually a good sign. On the negative side, as we mentioned before, we are looking for more volume and for momentum in increase.

The NASDAQ, much like the S&P, is testing the top edge of its trading range at 2450. The NASDAQ has been leading the way and moved up more aggressively than its counterparts. 2450 is a major point of resistance and in all likelihood the index will need some catalyst to move it higher.

The Dow has traded in a similar fashion as the S&P; a series of higher highs and higher lows leading the index to resistance at 11,750. The falling volume and waning momentum have us a bit concerned heading into trading this week.

The NYSE has been the laggard of all the indexes. It has traded in a narrow range for the month and looks to be coming to a head. A close below 8275 would be worrisome.

We wouldn’t be at all surprised to see the indexes cede some ground early in the week. Perhaps a continuation in the fall of oil prices and some stronger than expected economic news from this week’s batch of numbers can help prove us wrong.