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S&P 500 briefly hits highs of the session, levels to watch

A combination of the daily post-European market close bounce and hopes on fiscal-cliff resolution briefly sent the index to the highs of the session. That high has not as yet gained much traction as the futures-spike effect fades somewhat. As this is a Friday and a typical covering of short positions day, we could well see more upside or at worst a flattening effect. Technology, Materials, and Energy remain laggards. Consumer Staples, Utilities, and Health Care are upside leaders at time of writing. Resistance is at 1360.62, the high of yesterday's session. Support is at 1348.05, the low of yesterday's session.