Momentum triggers stock rebound
David Russell | [email protected]
The S&P 500 climbed 13 points, or 0.88 percent, to close at 1515.60. It rallied early after testing support below 1500 on Thursday and closed at its highs. The bounce also occurred at its 30-day moving average, indicating that momentum is still intact from January's big move. Support moves up to 1510 from 1495, while 1531 is continues to be resistance.
The Nasdaq 100 also bounced, but following a weaker rally than that of the S&P 500 and the Russell 2000. It gained 26 points, or 0.95 percent, to 2727.28. Support is at 2700 and 2600, while 2782 is resistance.
The Russell 2000 remains the strongest of the three indexes and is the only one to have touched record highs this year. It climbed almost 11 points, or 1.19 percent, to 916.16, also after testing its 30-day moving average. Support is to be found at 900 and 884, while 932 represents resistance.