SPX S/R for 7-5-11

For Tuesday, 7/5/11, when the markets reopen after the Independence Day holiday, the bulls continue to have the wind at their backs.  The market bulls only need to pump the SPX a point and one-half higher, to touch the 1341 handle, and it will be off to the races for the upside, continuing last weeks momo.  A test of 1345 will come quickly, possibly a spurt to 1349, but overall, the huge jump in the indexes will need to take a rest. Thus, a top would be expected in this 1340-1345 area, and any green on the futures come Tuesday morning will tell you this will occur.

The market bears cannot get a break after enjoying the May-June tumble in the indexes. 75% of that down move was retraced over the last couple weeks to now park the SPX at 1340. The bears will need to push the SPX down 20 points on Tuesday to restart any significant bear action again.  Thus, a move thru the 1319-1339 range represents sideways slop and will tell you that some consolidation is in order after the big run-up. More than likely to see some choppiness in the days ahead.

·        1565 (10/9/07 top)

·        1525

·        1500

·        1440

·        1427 (5/19/08)

·        1424

·        1419

·        1413

·        1409

·        1407

·        1404

·        1399

·        1391

·        1389

·        1370

·        1365

·        1360

·        1357

·        1354

·        1349

·        1345

·        Friday HOD 1341.01

·        1341

·        Friday Close 1339.67

·        1337

·        1333

·        1331

·        1329

·        1326

·        1323

·        1321

·        1319

·        Friday LOD 1318.18

·        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

·        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)

·        1220 (HOD 4/26/10)

·        1217 (4/23/10)

·        1209 (HOD 4/29/10)

·        1207 (4/29/10 Top)

·        1197

·        1192 (9/15/08 post-LEH bk)

·        1140

·        987

·        666 (3/6/09 bottom)