Mid-Session Market Comment 03-18-2014

Major U.S. market indices opened up this morning, pulled back and are now holding with most of the morning gains. Putin said he does not want to split Ukraine further drives stocks higher. But U.S. Vice President Joe Biden said the Russian move is like land grab and is working with European countries for more sanctions on Russia. Despite the tension in Ukraine is calming down a bit,  it could flare up again at any time. China's economic slowdown worries , major European stock markets forming double top patterns and investor sentiment too bullish are negative factors for the market. Technically, the Dow rises sharply for the second day and is climbing towards resistance 16500 level.  This level is not easy to break without good news. The Dow may turn around as it gets near this level. Dow support is 16141 and resistance is 16500.