Now that the various indexes have pulled back from their highs, some area's of the market are oversold, and some remain overbought.

S&P:

The S&P looks very oversold and we are looking for a rally back to the 1300 level. If the index fails to break above 1300, the correction we were reserving for the late summer/ early fall will begin sooner than anticipted. Lets see what happens as we approach this level.

Dow:

The Dow does not look as oversold as the S&P, but a break below 11,000 could lead to another leg down of 200-300 points.

NASDAQ:

At this point the NASDAQ looks like a basket case, and we may see a snap-back rally soon.

Gold:

The rally up was a classic sucker rally; too much, too soon. Still overbought, I would not be surprised to see a further pullback to the $600 level.

Oil:

Oil got a liitle ahead of itself and still remains a little overbought. I wouldn't be surprised to see $65/bbl soon. Given that hurricane season is right around the corner, the prospects for a rally back to the highs are favorable.