New home sales was not a good report – big month to month decline (although, March was resided higher and the same could happen for April).

• Prices down 3% to $309,200
• Supply edged higher +4,000 to 268,000
• Months’ Supply increased to 5.7 months from 4.9 months

Same issue here with the market – bias is to the upside, but there is not enough volume to get off major resistance points.

The major indices are in the green with advancers leading decliners 1821/984 on the NYSE and 1464/1290 on the Nasdaq.  Financials, Health Care and Utilities are strong, while Consumer Discretionary stocks lag. Oil is ticking up with slightly with WTI trading at $51.22 as OPEC is expected to maintain its supply cuts when they meet on May 25.