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August 23, 2012  Thu 2:06 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES

Buyers supported the S&P 500 yesterday, despite higher bond prices and early jitters about the global economy.

The gains came after the Federal Open Market Committee released the minutes of its last meeting at 2 p.m. ET. The Nasdaq also gained, although small caps lagged once again.

NDX rose 11.22 points, or 0.40 percent, to 2783.42 The small-cap Russell 2000 Index shed 2.80 points, or 0.34 percent, to end at 812.56.

S&P 500

Resistance now 1415, followed by 1416.09, 1422.50 and Tuesday's high of 1426.68.
Support is now 1412.50, followed by 1410, 1406.78 and Wednesday's low of 1404

Nasdaq 100

Resistance is now 2785, followed by 2790.01, 2797.22 and Tuesday's high of 2802.91.
Support is now 2780, followed by 2271.03, 2763.02 and Wednesday's low of 2759.14.

Russell 2000

Resistance is now 813, followed by 814.88, 815.50 and 817.50.
Support is now 812, followed by 810 and 805.

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As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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