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)