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July 29, 2013  Mon 1:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Equity indexes closed near their highs on Friday, rebounding from earlier losses.

The S&P 500 rose 1.4 points to 1691.65, after declining 14 points in the morning. Resistance remains at the intraday high of 1699 earlier in the week and support at 1659.

The Nasdaq 100 was the strongest of the three benchmarks we monitor, gaining 0.48 percent to 3076.23. It also fought back from a 15-point drop and continues to hold its 10-day moving average. Resistance is at the intraday high around 1699, while 1659 is support.

The Russell 2000 lagged, shedding 0.54 percent to 1048.51. That comes one session after the index made a new all-time closing high on Thursday. Resistance is likely to be found at the intraday high of about 1057, with support at 1020. It also recovered from a drop of more than 1 percent earlier in Friday's session.

The gains in the S&P 500 pushed the CBOE Volatility Index down 0.25 points, or 1.93 percent, to 12.72. The iPath S&P 500 VIX Short-Term Futures Note (VXX), which comprises the two nearest-month VIX futures, fell 0.32 percent to a record closing low of $15.51.
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Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  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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