Keystone's SPX S/R for Week of 6-20-11

The SPX will begin the week at 1271.50.  If the market bulls can push about 6 points higher on Monday, to touch the 1280 handle, the buyers will come in force, accelerating the rally higher, the bears will be slapped.  If the market bears, however, move the SPX four points lower to get below 1267.40, the selling will accelerate in quick order to 1262, and then, depending on whether support breaks or not, may attack the starting year number, 1257.64.  A move between 1268 and 1279 represents sideways slop and continued market indecision and instability. Seasonally, for this week, the SPX is down 18 of the last 20 times, so keep this in mind as the week ticks along.

·        1333

·        1331

·        1329

·        1326

·        1323

·        1321

·        1319

·        1316

·        1314

·        1311-1312

·        1306-1307

·        1298

·        1295

·        1292-1293

·        1289

·        1286

·        1282

·        HOD Friday 1279.82

·        1279

·        1277

·        1273

·        1270

·        1268

·        LOD Friday 1267.40

·        1262

·        1258 (1257.64 is the 12/31/10 close-start of 2011)

·        1252 (9/14/08 pre-LEH bk)

·        1247

·        1242

·        1235

·        1233

·        1227

·        1224

·        1220