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S&P 500 breaks out, levels to watch

The index has broken out of the top of a five-day long range high at the 1472 area. At the current index level of 1479.31, next resistance is at 1484.18, and then at 1489.21. It is important to keep in mind that the next big area at 1500 is very close to life highs for the index. The closer the bulls can move the index there, the greater the chance that upward momentum will carry us through the old index high. Much depends on the flood of earnings data still to come in the next few weeks, along with all-important guidance. All sectors today are in the green, with Consumer Discretionary leading. The Financials, nearly flat, are the relative laggards of the day following on weakness in Citigroup (C) and Bank of America (BAC).