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  • Bulls Push Resistance, Top Of Trading Range 0 comments
    Oct 17, 2013 11:49 AM

    Bulls Push Resistance, Top of Trading Range

    9:00am (EST)

    The past 4 weeks have been stressful as the government shutdown and debt ceiling debate, along with a trading range, had weighed on Wall Street. All of that was cured on Wednesday, to a degree, as the market rallied and the zombies shook hands.

    The Dow jumped 206 points, or 1.4%, to close at 15,373. The blue-chips went out near their high and the close above 15,350 puts 15,500-15,600 back in play. Support is back at 15,200.

    The S&P 500 surged 23 points, or 1.4%, to settle at 1,721. The 52-week high is at 1,729.86 and a break above this level could lead to a run to 1,750. Support is at 1,710-1,700.

    The Nasdaq zoomed 45 points, or 1.2%, to end at 3,839. Tech traded to a high of 3,840 and a close above 3,850 gets 3,900 in the mix. Near-term support is at 3,825-3,8000

    The Russell 2000 soared a baker's dozen, or 1.2%, to finish at 1,092. The small-caps set another all-time high and inched closer to our 1,100 target after closing a half-point of its intraday high of 1.092.91. Support at 1,075 has been holding all week.

    The S&P Volatility 500 Index (^VIX, 14.71, down 3.95) tanked 21% to close back below 15. The index opened below 17.50 and was a good sign the rally was on. If the bulls can hold 15 there is a chance the VIX trades down to 13 but another close above 17.50 could suggest a top is in.

    As we head to press, futures are lower and look like so: Dow (-66); S&P 500 (-3); Nasdaq 100 (-2). International Business Machines (IBM, $186.73, up $2.07) is testing $175 in pre-market action and will weigh on the blue-chips today. We will cover the story in our midday update.

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