S&P 500: New 2010 High (Barely!)

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The S&P 500, SPX, closed today at a 2010 high of 1150.24, higher than the previous 2010 high of 1150.23 on January 19.  That's as close as you can get and call it a new high, lol.  Of course, 1150.23 is considered critical recent resistance.  Therefore, the current close of 1150.24 is considered "at resistance" and not an upside breakout yet.

The Big Question; What happens now?  An upside breakout or pullback?  I believe there will be an upside breakout.  This recent resistance may be tested several times, but I think an upside breakout is inevitable and imminent.  The Russell 2000 regained and exceed it's 2010 high first, followed by the NASDAQ Composite and then the NASDAQ 100.  Now SPX is at this threshold.  The Dow Jones Industrial Average is lagging behind the SPX.  This has been a familiar pattern during this rally from the March 0, 2009 low.  The US Dollar is trading sideways now that the Greece sovereign debt crisis has subsided.  USA economic news recently has been slightly encouraging or lukewarm, but nothing too negative. 

I reviewed in detail the S&P 500, SPX, and US Dollar Index, USD, yesterday.  No technical indicators changed today, so I refer you to my previous post for more detailed commentary of the SPX and USD charts.  The USD was down -0.17 or -0.21% today to 80.28 and the SPX was up +4.63 or +0.40%, neither of which is of any material consequence.  It's the fact the SPX reached the previous 2010 high that is the news.

Include below is a chart of the SPX below, for reference.  I also have included charts and brief commentary of the Russell 2000, NASDAQ Composite, NASDAQ 100, Dow Jones Industrial Average, and US Dollar Index.  This is to view the current price of the SPX in a broader context.

S&P 500 (SPX) Commentary above and more detail in yesterday's post.  The highest yellow line on the chart below is today's close.  The middle yellow horizontal is the 12-31-09 year end close of 1115.10. (Traded through the SPY ETF)

Russell 2000 (RUT)  The RUT previous 2010 high was 649.15 on January 19, the lower yellow horizontal line on the chart below. RUT closed above this previous high on Wednesday, March 3 and an upside breakout ensued.  RUT closed today at 677.22, the higher yellow horizontal line on the chart below. (Traded through the IWM ETF)

NASDAQ Composite (COMP) The COMP previous 2010 high was 2320.40 on January 19, the lower yellow horizontal line on the chart below. COMP closed above this previous high on Friday, March 5 and an upside breakout ensued. COMP closed today at 2368.46, the higher yellow horizontal line on the chart below.

NASDAQ 100 (NAS) The NAS previous 2010 high was 1895.48 on January 19, the lower yellow horizontal line on the chart below. NAS closed above this previous high on Tuesday, March 9 and an upside breakout ensued. NAS closed today at 1923.81, the higher yellow horizontal line on the chart below. (Traded through the QQQQ ETF)

Dow Jones Industrial Average (DJIA) The DJIA has not reached the existing 2010 high of 10,725.43 that occurred on January 19, the higher yellow horizontal line on the chart below. DJIA closed today at 10,611.84, the lower yellow horizontal line on the chart below. (Traded through the DIA ETF)

US Dollar Index (USD) The USD has pulled back from the 2010 high of 80.93 that occurred on February 23, the highest yellow horizontal line on the chart below. USD is now basically flat and trading sideways.  USD closed today at 80.28, the middle yellow horizontal line on the chart below. The lowest yellow horizontal line is the benchmark 80.00 price.  More detail is in yesterday's post.  (Traded through several ETFs, including UDN and UUP)

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