SPX S/R Week of 9-19-11

For Monday's trade, if the market bulls can pierce 1220, the buyers will enter in force and drive the SPX up to test the 1225-1227 resistance cluster. If the market bears come to play, they need to lose the 1204 support, if so, the sellers will enter in force and the 1198-1199 support will be retested.

Moving forward, watch the key S/R shown in bold, 1225-1227, 1219-1220, 1209-1210, 1204, 1198-1199 and 1193.

·         1235 (12/15/10; also HOD 12/7/10 large volume)

·         1233 (LOD 12/16/10)

·         1227 (HOD 11/9/10)

·         1226 (11/5/11)

·         1225

·         1224 (12/7/10 large volume)

·         1222

·         1220 (HOD 4/26/10)

·         1219

·         1217 (4/23/10)

·         1213

·         1210

·         1209 (HOD 4/29/10)

·         1207 (4/29/10 Top)

·         1206

·         1204

·         1202

·         1200

·         1199

·         1198

·         1196

·         1193 (9/15/08 post-LEH bk)

·         1192

·         1189