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January 30, 2013  Wed 12:45 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks continued to advance yesterday, sending the S&P 500 to its highest level in more than five years.

The benchmark index closed at 1507.84, up half a percent from Monday's close, marking its 10th gain in the last 11 sessions. It's now above potential resistance of 1503, with the December 2007 peak near 1516 as the next potential level to watch. Support remains at 1470.

The Nasdaq 100 was essentially unchanged at 2742.43, continuing to struggle as sentiment shifts from technology to materials and energy.  Support and resistance remain at 2704 and 2770 respectively.

The Russell 2000 inched higher by less than a point, but that was still good enough for another new all-time closing high at 907.31. Support remains at 880.

The CBOE Volatility Index fell for the first time in nearly a week. It began the day higher at 13.88 but finished the session down 0.26 points, or 1.92 percent, at 13.31.
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Timing the Trade

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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