Options Trading News

March 7, 2013  Thu 1:47 AM CT

Stock indexes rose again yesterday as bullish momentum continued to lift the market.

The S&P 500 gained 1.67 percent, or 0.11 percent, to finish at 1541.46. It marked another multi-year high but closed near the middle of its range for the session. Resistance remains at 1550, while 1525 and 1512 are potential support.

The Russell 2000 rose 2.56 points to 929.96 but remained below its February peaks. The 932 level remains resistance, while 900 is support.

The Nasdaq 100 was the only one of the major indexes to fall. It shed 6.69 points to close at 2792.56. Resistance remains at 2846 and support at 2700.
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As I stated in last week's article, a break out or a break down needs to have a couple things happen before it is considered a confirmed break out or break down. The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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