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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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The Movement of Delta

In our last column, we spoke about delta. You might remember that we discussed what delta was and what factors affected or changed delta. As you recall, we stated that three factors will have an effect on delta. They were movements of time, volatility, and underlying price. Today, we want to take a further look into the change of delta, this time focusing on change due to the movement in the underlying price. 

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