Stocks are still overbought. It won't be surprising to see more pullbacks in the near term ahead of the long weekend. Expect buyers to step in on the pullbacks which would keep the uptrend started last November intact. For the S&P 500, watch for support near 1600. For the Russell 2000 (982.26), the 1000 level has become a troubling resistance. The continuing failure at that level suggests that the market is up for more pullbacks or sideway consolidation.