Muted Cheers For Bull Anniversary; Nasdaq Close At 18 Month High

Midday Bears Gatecrash Bulls Party
Exactly a year after fear sent the Dow careening to a 12-year closing low, Wall Street celebrated the one-year anniversary of the bear-market bottom by closing slightly higher but the celebration was remarkably low-key, with traders unwilling to push the major market indexes too far from the breakeven line. The session ends with some afternoon weakness dragging the indexes off their midday highs.

After spending time in both positive and negative territory throughout the session, the Dow Jones Industrial Average (DJIA – 10,564.38) eventually notched a gain of 11.9 points, or 0.1%.
Sixteen of the Dow's 30 components closed higher, with United Technologies and General Electric leading the pack. Cisco shares closed flat, while Merck paced the 13 declining blue chips. The Dow remains perched above its 10-day moving average, but didn't stray too far from its recent trading range between 10,550 and 10,600.

The S&P 500 Index (SPX – 1,140.45) followed suit, elbowing its way to an eleventh-hour gain of just under 2 points, or 0.2%. Currently, the SPX is slowly inching toward previous resistance in the 1,150 neighborhood.

Finally, the Nasdaq Composite (COMP – 2,340.68) outperformed its peers by tacking on 8.5 points, or 0.4%. The COMP also touched a new 52-week peak for the second consecutive session, topping out at 2,353.07 on an intraday basis. Midday noted that the Nasdaq Composite was pushing above former resistance. That COMP managed to hold the breakout into the close.

The NASDAQ is trading above January highs while the DJIA and SPX are still below.
All of the charts show overbought readings. Heading into tomorrow I will be watching whether the Nasdaq Composite holds its breakout and whether the S&P 500 can push through resistance. And that is where I will pick up the next morning. Have a nice nice & prosperous trading day.



CRUDE OIL
Crude futures edged moderately lower today, retreating from their recently tapped eight-week high. Commodity players eyed a stronger U.S. dollar, which made dollar-denominated black gold less attractive to holders of foreign currencies. Additionally, traders considered the potentially bearish ramifications of tomorrow's inventories report, with analysts surveyed by Reuters forecasting a sixth consecutive weekly increase in crude supplies. By the close, crude oil for April delivery gave up 38 cents, or 0.5%, to end at $81.49 per barrel.

GOLD
Gold futures were also pressured by a solid day for the U.S. dollar, with the greenback gaining ground versus the euro as Fitch and Moody's both issued warnings about Europe's top-heavy debt load. Gold traders also took note of commentary from China's chief foreign exchange regulator, Yi Gang, who noted that the country's gold purchases might be smaller than expected for the foreseeable future. April-dated gold futures wrapped up the session on a deficit of $1.70, or 0.2%, at $1,123.30 per ounce.

Levels to Watch in Trading:
•Dow Jones Industrial Average (DJIA – 10,564.38) - support at 9,000; resistance at 11,000
•S&P 500 Index (SPX – 1,140.45) - support at 950; resistance at 1,300
•Nasdaq Composite (COMP – 2,340.68) - support at 1,900; resistance at 2,600