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Now that the market has broken through key resistance, here's what's next
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Mar 15, 2019 5:12 PM 1+ week ago

The S&P 500 closed up 2.9 percent for the week, its best so far this year. It's now at the highest level since early October, after breaking through key resistance levels near 2815, where it failed several times.

The S&P is now less than 4 percent from the old historic closing high (2,930 on September 20).

2) With the CBOE Volatility Index at 12, its lowest level since October, strategies driven by volatility would likely add to stock exposure.

3) Bond yields continue to drop, remaining near the lows of the year. The new-high list this week was littered with interest-rate sensitive stocks (utilities, REITs) that rally when rates remain low.

4) Quadruple witching (quarterly expiration of index options and futures, and stock options and futures) has added a lot of volume this week and likely contributed to the upside rally. But the question is whether the expiration exhaust near term demand. The S&P 500 tends to be lower in the week after quadruple witching.

5) Europe (and the ...

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