Mid-Session Market Comment 03-21-2014

Major U.S. market indexes soared at the open, pulled back and are now trading mixed. S & P 500 rose slightly above the previous high then fell back. The Nasdaq is down due to weakness in biotechnology and technology stocks. There is no significant positive news driving the market up besides the big surge in China's stock market by 2.72 %. However today is a "quadruple witching day," it's the last trading day for stock index futures, stock index options, stock futures and stock options. Today's stock market will be affected by artificial price manipulation and is subject to irregular fluctuations. As there is no particular good news, it is difficult for the Dow to break above 16500 level. On the other hand, we need to beware of  the S & P 500 reversal after briefly making new high this morning. If the S&P 500 closed down today, a bearish intra-day reversal will be formed and the market will likely reverse down in the near term.  Dow support is 16131 and resistance is 16500.