SPX S/R Week of 11-7-11

SPX support and resistance shows price dancing above and below the starting year number at 1258.  All this trading and turmoil all year long and the SPX is where it started 10 months ago.

Friday's close was toward the center of the daily range.  Traders are watching the Greece confidence vote Friday evening and will follow the news flow out of Europe all weekend long.  If the market bulls can touch 1261 on Monday, the large block buyers will enter the markets in force driving the indexes much higher.  If the market bears come to play, and push the SPX under 1239, the large block sellers will enter the markets and the indexes will drop several more handles in short order. A move thru 1240-1260 represents sideways action. 

·        1295

·        1293

·        1292

·        1291

·        1289

·        1287

·        1286

·        1285

·        1282

·        1280

·        1278

·        1277

·        1272-1273 (LT S/R)

·        1270

·        1268

·        1267

·        1263

·        1261

·        Friday HOD 1260.82

·        1259

·        1258 (1257.64 is the starting number for 2011)

·        1257 (3/16/11)

·        1254

·        Friday Close 1253.23

·        1252 (9/14/08 pre-LEH bk)

·        1249 (LOD 3/16/11; failure at this level 8/4/11)

·        1247

·        1244

·        1242

·        Friday LOD 1238.92

·        1238

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

·        1233 (LOD 12/16/10)

·        1229

·        1227 (HOD 11/9/10)

·        1225

·        1224 (12/7/10 large volume)

·        1220 (HOD 4/26/10)

·        1219

·        1217 (4/23/10)

·        1215

·        1210

·        1209 (HOD 4/29/10)

·        1207 (4/29/10 Top)

·        1206

·        1204

·        1201