The Wall Street Journal

Stocks Right at Key Resistance Level

By Steven Russolillo

As stocks add to last week’s sharp gains, investors are wondering whether the recent rally is sustainable.

The S&P 500 “must begin to consistently trade above 1265 resistance to confirm that it has been broken,” writes John Kosar, director of research at Asbury Research.

From a technical point of view, a move above 1265 “would then clear the way for at least a retest of the May 2011 high at 1371.”