Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead?

  • A bit of a chase, riding the biggest and most popular horses, right back up to what has lately been a level that has thwarted the S&P 500.
  • Here's the index over the past ten trading days, with intraday highs within a few points of 3,150 four out of the past five sessions:

Source FactSet

  • Nothing particularly crucial about 3,150, though it does run back to a failed rally in early March. And this market has shown that what appears as resistance levels become gates to further upside without notice. But worth watching as the levitation today owes much to tack-on moves in mega-cap index leaders on no news.