Sunday, May 8, 2011

SPX S/R 5-8-11

     The SPX starts the new week at 1340.20.  The market bears are in better shape than bulls since a move of only five points lower will again accelerate the market sell-off.  The bulls, however, have to climb about 14 points to get up over Friday's high and have any chance of running the upside.  1337 is a strong area of support and reistance and the 1343-1344 area was the February top.

·         1565 (10/9/07 top)
·         1500
·         1440
·         1427-1428 (5/19/08)
·         1424
·         1419-1420
·         1413
·         1409
·         1407
·         1404
·         1399-1400
·         1391
·         1388-1389
·         1386
·         1377
·         1370-1371
·         1368
·         1365
·         1360-1361
·         1357-1358
·         1354
·         HOD Friday 1354.36
·         1350
·         1343-1344
·         1341
·         1338-1339
·         1337
·         LOD Friday 1335.58
·         1335-1336
·         1331-1333
·         1328-1329
·         1325-1326
·         1318-1323
·         1314-1316
·         1312
·         1305-1308
·         1298-1301
·         1294-1295
·         1286-1287
·         1252 (9/14/08 pre-LEH bk)
·         1220-1225
·         1192 (9/15/08 post-LEH bk)
·         1140
·         987
·         666 (3/6/09 bottom)

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