S&P 500 Stalling at Resistance, Certain Sectors Slightly Overbought

5/8 - "As shown, after breaking just above its longer-term downtrend, the S&P 500 has stalled at resistance even though it remains slightly overbought. The next level of support for the index is at the 1,380 level.

On a sector basis, most of them have moved back into neutral territory after trading overbought for a week or so. Short-term uptrends remain, but we'll need to see support hold soon if they are to stay intact. Energy, Materials, Telecom and Technology are still slightly overbought, with Energy and Materials at or close to their 52-week highs."