S&P 500 Index Futures Testing Major Resistance Level

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. S&P 500 index futures were trading higher by 16 points at 2097.50 in Friday's session. After trading sharply higher in the pre-market session, the rally has continued. However, it has found resistance at a very familiar area. On Wednesday, the index peaked at 2099.75; on Thursday peaked at 2099.00 in pre-market trading and never came near that level during the regular session. So far on Friday, the rally has been capped at 2100. Since reaching that level, cautious comments on the market by former Federal Reserve Bank of Dallas Chairman Richard Fisher (who retired on Thursday) has instigated a retreat from the all important resistance level. The brief decline following his comments jolted the index to 2096.25, but its has regained its footing and is re-approaching the highs for the session. The SPDR S&P 500 ETF Trust SPY recently traded at $210.43, up 0.9 percent.