US STOCK VIEW: The S&P 500 trades at 1139.99, after holding a 1136.84 to
1140.93 range. At the high seen earlier, the index came within 10 points
of revisiting the 2010 high of 1150.50, seen Jan 19. Mary Ann Bartels,
technical analyst at BAS/Merrill says “new recovery highs” are “favored”
for the S&P, with an eye on the next level of resistance at 1180/1200,
“which is ahead of the head and shoulders bottom objective and 61.8%
retracement of the October 2007 to March 2009 decline in the 1220-1230
area.” Bartels says support is found at 1100-1115 (a former resistance
zone). Behind that, additional support is found at the “upward price
gap” in the 1077-1080 area and “recent lows near 1045, 1030 and 1020,”
she says.