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On April 20th the S&P 500 came within 24 points, or about 1%, of its all-time high. Looking at the 2,135 level, it seemed as if it decided that for the moment making a new all-time high was a case of "a little too far, a little too soon."
The hesitancy is not surprising. In previous Market Comments we highlighted the importance of the band of overhead resistance from 2,050 to 2,135. Since early 2015 this area has been the graveyard of multiple rally attempts. After the January/February declines of this year, any significant rally back to this zone was almost certain to be greeted by selling by some previous high-level buyers who were relieved to be able to re-coup paper losses, as well as lower-level buyers locking in profits.
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