SPX S/R Week of 7-25-11

SPX support and resistance is shown to set up the new week of trading.  1354 is the previous high 12 days ago. The 1360 gap remains unfilled. For Monday, if the SPX moves above 1346.10, it is off to the races above, the buyers will come in force, the SPX will jump to 1347, 1349 and on to test the 1354 prior high. The bears need to keep the overnight futures red and prevent the SPX from touching 1346.10. No substantial negativity will surface unless the bears can drive down below the 1337 handle. If 1337 fails, the sellers will come in force, with the SPX dropping down to test 1333 and 1331 in short order. A sideways day will be reflected thru the 1338-1345 range. Futures overnight Sunday are extremely important, all bulls need is a point to create a wild buying orgy after Monday's opening bell.

·        1370

·        1368

·        1365

·        1360 (gap fill needed)

·        1357

·        1354

·        1349

·        1347

·        HOD Friday 1346.10

·        1344

·        1341

·        1337

·        LOD Friday 1336.95

·        1333

·        1331

·        1329

·        1326

·        1323

·        1321

·        1318

·        1316

·        1314

·        1312