SPX S/R for 6-29-11

The critical resistance at 1298 placed a lid on the bullish action today.  For tomorrow, the bulls have the wind at their backs since the indexes closed near the highs.  If the futures are positive by any amount, the market bulls will be accelerating the indexes higher, attacking 1298, the psychological 1300, and then on to 1307 and 1314.

The market bears need the futures to be red before tomorrow's open, the amount does not matter, any red numbers will do, even pennies lower. As the day progresses, the bears would need to move lower to touch a 1280 handle to get the true negativity restarted. SPX moving thru the 1282 to 1296 range tomorrow is sideways slop.

·        1319

·        1316

·        1314

·        1311-1312

·        1306-1307

·        1300

·        1298

·        1295

·        1292-1293

·        1289

·        1286-1287

·        1282

·        1277-1278

·        1272-1273 (LT S/R)

·        1270

·        1267-1268

·        1262