Mid-Session Market comment 02-21-2014

Major indices opened lower this morning, then reversed back up. Currently, major indices are posting small gains. Technically, the S & P 500 is only 7 points from its 1851  new high level . It is no doubt that S & P 500 will challenge the new high, but the market needs good news to break the strong resistance. It has been multiple  times in the last two months that the S&P 500 new high was challenged but failed.  S & P 500 resistance is 1851 and support is its 50-day moving average at 1814. Today is the last trading day for February stock options, stock will be subject to price manipulation by options players and the market tends to be less volatile. Any break out to new high may need to wait until next week.

 Dow is at 16166.28 +33.05, Nasdaq is at 4281.13 +13.58, S&P 500 is at 1844.23+4.45.

Yield for 10 year Treasury is down 0.04% to 2.750%. Gold is up $4.8 to $1321.80 per ounce. Crude oil is down $0.98 to $101.77 per barrel.