Now that the market has broken through key resistance, here's what's next

The S&P 500 is now at the highest level since early October after breaking through key resistance levels.

The S&P 500 closed up 2.9 percent for the week, its best so far this year. It's now at the highest level since early October, after breaking through key resistance levels near 2815, where it failed several times.

3) Bond yields continue to drop, remaining near the lows of the year. The new-high list this week was littered with interest-rate sensitive stocks that rally when rates remain low. 5) Europe have outperformed the U.S. this month. There are some hopes for a bottom in the recent poor economic data.

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