The Nasdaq is giving off some thunder via heavy sell volume as the S&P 500 drifts into new high territory.

This rally, so far, has been tech dominated. If the Naz drifts lower it’s likely everything else will.

Not much conviction in terms of breadth. The Dow 30 has been unable to achieve new highs with the rest of the market. Sector-wise, the key Transportation ($TRAN) and Brokers ($XBD) indexes are jumbled up in their major moving averages under yearly highs, while the Semiconductors ($SOX) are treading water at new highs.

There hasn’t been a lot of thrust to the upward momentum, which means it’s likely to pullback soon.