While the S&P is trying 2011 high , basic materials are still lagging the broad market by 14 %. For the the market to break 2011's hight, the basic material (IYM) and Russell 2000 ( IYD) will need to break their resistance line. Long investors do not want these two to break there support.
Source: Chris Kimble
Komen
Algokid
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Another reason to be careful at this time. Basic Material (IYM) broke it's support. I wouldn't add or take new position in the market at this time
Algokid
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IYM just broke it's support. and currently @ 68.19. This is not encouraging news for the market. RSI (14) also broke it 's support. Keeping an eye on it till the end of the week