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.”

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