Stocks rallied to their third weekly gain in four after Congress approved a tax-cut extension and orders for durable goods in November climbed the most in four months and new-home sales for November rose 1.6% to a seven-month high. Tech stocks ended the week on an upbeat note with Rambus gaining more than 12% after it reached a patent agreement with Broadcom. Also, AT&T rose 0.71% won regulatory approval to buy wireless spectrum from Qualcomm. The week ahead is expected to be quiet as many market players taking time off for the holidays. The market will try to extend “the Santa Claus rally”, none of the 500 companies on the S&P 500 was expected to report earnings. But the market remains vulnerable to another sell-off if the debt crisis in Europe takes a turn for the worse. Implied volatility inched lower on very light trading volumes. NEAREST RESISTANCE LEVELS: 57.8, 58.3, 59.0
NEAREST SUPPORT LEVELS: 54.0, 53.0, 50.0
