SPX S/R 8-1-11

SPX support and resistance is shown below.  For the Monday session, if the bulls can get above 1304, and the futures are up, the buyers will enter the markets in force, and an acceleration upward from there would be expected to test 1307, 1312, 1314, 1316.

If the debt ceiling talks break down overnight, and the futures reverse, the bears need to touch a 1282 handle, if they do, the selling will accelerate and fear will be in the markets, the indexes will fall several handles in short order.  A move thru the 1283-1303 range is sideways slop.

Some key levels are serving as S/R and of course, change slightly in real time so you have to watch them during trading hours:

20 day MA = 1325.18

20 week MA = 1318.23

150 day MA = 1310.71

50 day MA = 1309.14

10 month MA = 1288.24

200 day MA = 1284.84

50 week MA = 1258.67

Started 2011 = 1257.64

12 month MA = 1256.07 (a drop under here means the markets have fallen into a secular bear market again and expect many weeks and months ahead of lower equities markets)

·        1347

·        1344

·        1341

·        1337

·        1333

·        1331

·        1329

·        1326

·        1323

·        1321

·        1318

·        1316

·        1314

·        1312

·        1307

·        Friday HOD 1304.16

·        1300

·        1298

·        1295

·        1292

·        1289

·        1287

·        1286

·        Friday LOD 1282.86

·        1282

·        1281 (gap fill needed)

·        1280

·        1272-1273 (LT S/R)

·        1270

·        1268

·        1262

·        1258-1259 (1257.64 is the starting number for 2011)

·        1257 (3/16/11)

·        1252 (9/14/08 pre-LEH bk)

·        1249 (LOD 3/16/11)

·        1247

·        1242

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

·        1233 (LOD 12/16/11)

·        1227 (HOD 11/9/11)

·        1226 (11/5/11)

·        1224 (12/7/10 large volume)