Market Update

 11:35 a.m. ET

*****The members' site is back up with email notification. I'll be posting there after this.

The S&P 500 continues to trade near its flat line in a mixed session. The benchmark index will have another shot at closing at a record high, as it trades a few points below that level (3386.15). The beat in Initial Claims hasn't led to any positive market reaction, evidenced in the weak tone in the cyclicals, and little movement in bond yields.

The mega-caps are driving gains in NASDAQ (+0.7%), particularly Apple. - Technology (+0.7%), Consumer Discretionary (+0.55%) and Communications (+1.1%).

On the other side - Energy (-1.2%), Financials (-0.9%) and Banks (-1.8%) are notably weak. Small Caps are nearly flat with the S&P and Dow -0.2%.

S&P is less than a tenth of a percent from the February level it has been struggling to meet. It's hard to believe the mega-caps weight isn't getting the job done here.

SP-500 (1m) and an equal weight index of the FANGs

Otherwise, market participation is poor.

NASDAQ 100 (2m) led by the mega-caps, but the advance/decline line shows little participation elsewhere. The divergence here is similar to that of HY Credit.

It will be interesting to see if the NASDAQ fades again with a pick up in selling at the top of this zone?

NASDAQ 100 (30m) the proposed distribution zone since NASDAQ's Key Reversal Day.

PLUG's (+10.4%) price made a comeback

PLUG (15m) so naturally I wish I had held, but I couldn't take the risk of giving back all gains on a measured move to fill the gap.

For now the S&P is struggling with the longest yard, or inch.