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Bulls Looking to End Year on High Note

9:20am (EST)

The bulls have been on a roll and here is where they are at:

The Dow added 14 points on Friday, or 0.1%, to finish at 11,573. For the week, the index added 82 points, or 0.7%, and broke through strong resistance at 11,500. We have been targeting the 11,600-11,700 area since the break over 11,400 which occurred at the beginning of December. There is a chance the Dow can test 12,000 in 2011 but first things, first. Support will come in at 11,350 with backup at 11,200.

The S&P 500 slipped 2 points, or 0.2%, to settle at 1,256. For the week, the index popped 13 points, or 1%, and powered past the 1,245-1,250 area which had been strong resistance. We are now looking for a run up to 1,275 by yearend with 1,300 in the cards if the rally continues into next year. Support is strong at 1,220-1,200 but we would like to see 1,250 hold for the week.

The Nasdaq gave up 6 points, or 0.2%, but added 23 points for the week, or 0.9%, and closed at 2,665. We have been mentioning the 2,660-2-665 area as strong resistance and we were watching for a break and close above 2,660, specifically, as confirmation for a chance at 3,000 for the index in 2011. The bulls made us proud here as the index finally cleared this level. Support will come in at 2,600-2,550 if the bears get motivated.

Here is the bigger picture:

The Dow started the year at 10,428 and is up 11%; the S&P was at 1,115 and is up 13%; the Nasdaq began 2010 at 2,269 and is currently showing a gain of 17% YTD. If the indexes can hold their gains this week, especially the Dow, then the market will be looking at double-digit gains for the year.

As we head to press, Dow futures are down 45 points; S&P 500 futures are lower by 5; Nasdaq 100 futures are off by 7 points. Subscribers, check the Members Area for the updates.