U.S. equity markets have continued their upward trajectory after a brief correction in February. The Nasdaq remains the leading index year-to-date, up 9%, versus a 3% gain for the S&P 500 and 1% for the DJIA. While the market status remains an Uptrend, we are concerned by the recent increase in distribution days (five on the Nasdaq and four on both the S&P 500 and DJIA) and the lack of impressive accumulation volume on the indices. Also, the breadth of leadership is relatively narrow, although it has improved somewhat in the past couple of weeks.
