Stock indexes hold on to support amid congestion


Market Snapshot for February 1, 2011 (9:05 p.m. ET):

Closing Prices: DOW 12,716.46 (+83.55, +0.66%), S&P 500 1,324.08 (+11.67, +0.89%), NASDAQ 2,848.27 (+34.43 +1.22%), Nikkei 225 8,880.19 (+70.40, +0.8%), DAX 6,616.64 (+157.73, +2.44%), FTSE 5,790.72 (+109.11, +1.92%)

OIL 97.56, GOLD 1,752.40, SILVER 33.825

EURO 1.3181, YEN 76.13, BRITISH POUND 1.585, U.S. DOLLAR INDEX 78.895

Dow Jones Inds. and S&P 500 Hit 20-Day SMA

The market has continued to chug its way higher into the next month with a solid start on Wednesday. A rally in Europe following a report on slowing inflation boosted the index futures, leading a strong opening gap to kick off the session. Tuesday's highs served as resistance in premarket trade, but congestion along those highs from 4:30 a.m. ET into the opening bell allowed the market to rest just long enough to manage another break higher shortly after the open.

Dow Jones Industrial Average (Figure 1)

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