Dow pushing for last year’s highs

WEDNESDAY'S MARKET WRAP-UP

Market Snapshot for January 25, 2011 (10:10 p.m. ET):

Closing Prices: DOW 12,756.96 (+81.21, +0.64%), S&P 500 1,326.06 (+11.41, +0.87%), NASDAQ 2,818.31 (+31.67, +1.14%), Nikkei 225 8,847.35 (-36.34, -0.41%), DAX 6,421.85 (+2.63, +0.04%), FTSE 5,723.00 (-28.90, -0.5%)

OIL 99.82, GOLD 1,710.80, SILVER 33.105

EURO 1.3108, YEN 77.76, BRITISH POUND 1.5656, U.S. DOLLAR INDEX 79.59

12,876

12,876. That was last year's high in the Dow Jones Industrial Average ($DJI). The market has had any "big" days over the past month, but this hasn't kept it from continuing to push higher. The 200 period moving average on the 15 minute time frame and 10 day moving average on the daily have been serving as strong support. The only real attempt to come close to breaking that level was on the 13th, but the attempt lacked a confirmation move.

Over the past week the market has been trying to gain momentum once again and break free of the daily support to make a run for those previous highs from last year, but so far it has struggled to do so. Intraday strength has often been erased by weakness overseas that has pulled the index futures lower in early-morning trade. Today, however, the futures have been moving higher following only a brief selloff soon after the European open.

Dow Jones Industrial Average (Figure 1)

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